<PAGE> 1
NATIONWIDE
DC VARIABLE
ACCOUNT
[LOGO]
SEMI-ANNUAL REPORT
TO
PARTICIPANTS AND RETIRED PARTICIPANTS
JUNE 30, 1999
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
[NATIONWIDE LOGO]
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[NATIONWIDE LOGO]
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220
[PHOTO]
PRESIDENT'S MESSAGE
On behalf of Nationwide Life Insurance Company, we are pleased to present the
1999 semi-annual report of the Nationwide DC Variable Account.
Equity investments performed well during the first half of 1999 with the major
market indices showing double-digit gains. Fixed income investments did not fare
as well during this period in the face of the Federal Reserve's inflation
cautiousness. The Fed is mindful of the resilient U.S. economy and the
increasingly tight labor pool that portends future wage inflation. Accordingly,
we have seen a ratcheting-up of short-term interest rates to dampen the momentum
of the current expansion. How aggressively the Fed may react to the perceived
inflation threat only adds uncertainty to the already jittery equity markets.
Over the long term, however, a slower but sustainable rate of growth, with low
inflation, provides a favorable environment for further advances in financial
assets.
At mid-year, we are pleased to report that all the mission-critical systems used
to service our variable annuity and variable life business have been internally
inventoried, assessed and tested as being Year 2000 compliant. We are currently
contacting our critical business partners to determine if they will be Year 2000
compliant. Contingency plans are being developed and are to be completed by the
end of the third quarter. All these steps are being taken to assure that
Nationwide Financial will be able to continue to serve your financial needs into
the Year 2000 and beyond.
Thank you for selecting Nationwide Financial to help you achieve your financial
planning and retirement savings goals. You have our commitment to provide the
consistent, high quality service you expect and deserve.
/s/ Joseph J. Gasper
Joseph J. Gasper, President
August 19, 1999
3
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CONTENTS
HOW TO READ THE SEMI-ANNUAL REPORT ......................................... 5
Explanation on how to read and understand
the various financial reports
FUND PERFORMANCES .......................................................... 6
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY ............... 10
STATEMENTS OF OPERATIONS AND CHANGES
IN CONTRACT OWNERS' EQUITY ................................................. 14
NOTES TO FINANCIAL STATEMENTS .............................................. 36
4
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HOW TO READ THE SEMI-ANNUAL REPORT
This Semi-Annual Report is sent to all customers who own a Nationwide annuity
with all or some of the funds in the Nationwide DC Variable Account (the
Account). The Account is a separate account trust which offers investment
options in ninety mutual funds from twenty-four mutual fund houses.
The Semi-Annual Report has two major financial sections.
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
This statement, beginning on page 10, lists all the funds in the Account, the
number of shares owned, the amount paid for the shares (i.e., cost) and their
market value on June 30, 1999. The funds are generally presented in alphabetical
order. The market value of the assets change as the underlying mutual fund
shares change in value. As contract owners make exchanges between the funds, the
number of shares in each fund increases and decreases. When money is deposited
(withdrawn) by contract owners, shares of the mutual funds are bought (sold) by
the Account. The total market value of the funds is equal to the Total
investments.
Accounts receivable, if applicable, is an asset of the Account for money market
fund shares or reinvested dividend shares added to the contract owners'
accounts, but not yet added to Total investments. Total investments plus
Accounts receivable equals Total assets.
Accounts payable, if applicable, is a liability of the Account for money market
fund shares deducted from the contract owners' accounts, but not yet deducted
from Total investments.
Total assets minus Accounts payable equals Contract owners' equity. For a
summary of Contract owners' equity by fund series turn to page 41.
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
These statements, found on page 14, show the activity in the Account for the
periods stated herein.
The Investment activity section shows the changes in unrealized gain (loss) of
the mutual funds in the Account, realized gain (loss) as shares of the funds are
bought (sold), mortality, expense and administration charges and the variable
account fee which are assessed through the daily unit value calculations, and
dividends and capital gains earnings from the underlying mutual funds.
The Equity transactions section illustrates the receipt of purchase payments by
the Account as new contracts are sold, existing contract owners deposit
additional funds; and deductions from the Account when money is withdrawn,
contracts are canceled, annuity benefits are paid, and annual contract
maintenance charges and contingent deferred sales charges are assessed.
Net change in contract owners' equity equals Investment activity plus Equity
transactions.
The Contract owners' equity at the beginning of the period plus the Net change
in contract owners' equity equals the Contract owners' equity at the end of the
period. Contract owners' equity at the end of the calendar year will equal the
Contract owners' equity at the beginning of the next year.
As you review the following pages of the Semi-Annual Report, the Notes to
Financial Statements, beginning on page 36, will also help explain and clarify
the various statements and schedules.
5
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DCVA FUND PERFORMANCES
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN: NON-STANDARDIZED(+)
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
1 YEAR YEAR 3 YEARS 5 YEARS 10 YEARS*
7/1/98- 1998 7/1/96- 7/1/94- 7/1/89-
FUNDS** 6/30/99 6/30/99 6/30/99 6/30/99
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LIFE DESIGN SERIES
Aggressive Portfolio 10.29% N/A N/A N/A N/A
Moderately Aggressive Portfolio 9.80% N/A N/A N/A N/A
Moderate Portfolio 9.96% N/A N/A N/A N/A
Moderately Conservative Portfolio 8.89% N/A N/A N/A N/A
Conservative Portfolio 6.88% N/A N/A N/A N/A
VERY HIGH
AIM Constellation Fund 13.94% 18.28% 14.57% 19.86% 18.82%
American Century: Twentieth Century Growth Fund 21.67% 35.48% 26.83% 21.71% 16.07%
American Century:
Twentieth Century International Discover 10.94% 16.76% 20.65% 18.06% N/A
American Century:
Twentieth Century International Growth 0.30% 17.89% 16.55% 12.69% N/A
American Century: Twentieth Century Ultra Fund 20.87% 33.27% 23.78% 24.41% 20.88%
INVESCO Dynamics Fund 31.50% 22.47% 25.97% 25.44% 19.90%
Janus Twenty Fund 48.98% 71.74% 42.38% 35.43% 23.74%
Mass. Investors Growth Stock Fund 25.40% 38.68% 34.75% 30.39% 19.28%
NSAT Small Company Fund 1.47% 0.05% 9.01% N/A N/A
Prestige Small Capital Fund N/A N/A N/A N/A N/A
Putnam Voyager Fund 20.14% 22.88% 20.50% 24.44% 18.42%
Warburg Pincus Emerging Growth -0.35% 4.82% 9.50% 17.91% 13.82%
HIGH
AIM Weingarten Fund 25.22% 32.32% 26.18% 25.14% 17.48%
American Century: Twentieth Century Select Fund 24.69% 34.37% 28.90% 22.83% 15.42%
Davis New York Venture Fund 18.87% 13.65% 26.37% 24.68% 18.90%
Dreyfus Appreciation 14.54% 29.61% 24.54% 25.76% 16.03%
Dreyfus Third Century Fund 21.90% 28.94% 27.07% 25.03% 16.11%
Fidelity Advisor Growth Opportunities 10.87% 23.03% N/A N/A N/A
Fidelity Contrafund 24.01% 30.28% 25.20% 24.36% 21.57%
Fidelity Magellan(R) Fund 27.52% 32.36% 26.65% 23.98% 18.12%
Fidelity OTC Portfolio 38.53% 39.05% 25.87% 26.09% 18.09%
Growth Fund of America(R) 35.76% 30.53% 28.16% 24.40% 16.55%
Janus Fund 35.27% 37.58% 28.94% 25.31% 18.45%
Janus Worldwide Fund 12.73% 24.68% 20.67% 21.59% N/A
MFS(R) Growth Opportunities Fund 15.22% 27.95% 21.95% 23.25% 14.65%
Morgan Stanley Institutional Fund 12.62% 17.66% N/A N/A N/A
Nationwide(R) Growth Fund 13.37% 22.58% 21.97% 20.85% 13.89%
Neuberger & Berman Manhattan Fund 2.72% 15.29% 16.07% 17.55% 12.85%
Neuberger & Berman Partners Fund 11.08% 5.27% 20.00% 21.32% 15.03%
Neuberger & Berman Partners Trust 11.05% 5.14% 19.93% 21.22% 15.02%
Oppenheimer Global Fund 12.77% 11.35% 17.45% 15.03% 12.68%
Prestige International Fund N/A N/A N/A N/A N/A
Prestige Large Capital Growth Fund N/A N/A N/A N/A N/A
Putnam Investors Fund 19.88% 34.24% 28.74% 26.95% 18.27%
Seligman Growth Fund 22.22% 33.96% 22.61% 22.37% 15.53%
Strong Common Stock 16.78% 5.59% 19.71% 19.85% N/A
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</TABLE>
6
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DCVA FUND PERFORMANCES
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN: NON-STANDARDIZED
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
1 YEAR YEAR 3 YEARS 5 YEARS 10 YEARS*
7/1/98- 1998 7/1/96- 7/1/94- 7/1/89-
FUNDS** 6/30/99 6/30/99 6/30/99 6/30/99
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
T. Rowe Price International Stock Fund(R) 5.42% 15.04% 8.43% 9.07% 9.50%
Templeton Foreign Fund 12.72% -5.79% 9.41% 9.42% 10.97%
Templeton Global Smaller Companies Fund -10.59% -12.23% 1.74% 6.34% 7.96%
MODERATE
American Century: Income & Growth Investors 2.82% 26.49% 21.32% 21.97% N/A
Delaware Group - Decatur Income Fund 4.67% 9.05% 17.93% 18.23% 11.94%
Dreyfus Premier Midcap Stock Fund -7.39% 7.61% 13.90% 17.26% N/A
Dreyfus S&P 500 Index Fund 20.99% 26.87% 27.24% 25.95% N/A
Evergreen Income and Growth Fund 10.14% -1.73% 13.94% 13.94% 9.67%
Fidelity Equity-Income Fund 13.44% 11.46% 21.37% 20.65% 14.47%
Fidelity Growth and Income Portfolio 16.91% 27.10% 23.98% 23.63% 17.86%
INVESCO Industrial Income Fund 14.66% 13.05% 19.97% 17.78% 15.26%
Nationwide(R) Fund 13.62% 29.11% 28.82% 25.83% 16.94%
Nationwide S&P 500 Index Fund - Y N/A N/A N/A N/A N/A
Neuberger & Berman Guardian Fund 3.61% 1.38% 15.04% 16.08% 13.93%
Neuberger & Berman Guardian Trust 3.56% 1.40% 14.95% 16.01% N/A
Prestige Large Capital Value Fund N/A N/A N/A N/A N/A
SEI Index S&P 500 Index Fund 21.36% 27.13% 27.57% 26.38% 17.38%
LOW
Fidelity Advisor High Yield Fund 0.15% -1.66% 8.28% 9.07% 11.31%
Fidelity Asset Manager(TM) 12.45% 15.00% 16.42% 13.68% 12.41%
Fidelity Capital & Income Fund 8.45% 3.76% 12.02% 10.42% 10.87%
Fidelity Puritan(R) Fund 9.13% 15.49% 16.55% 15.10% 12.80%
Income Fund of America(R) 6.29% 8.43% 14.25% 14.91% 11.45%
INVESCO Total Return Fund 10.00% 12.24% 16.41% 16.55% 12.33%
MFS(R) High Income Fund -0.51% 0.07% 8.08% 8.78% 8.43%
Prestige Balance Fund N/A N/A N/A N/A N/A
VERY LOW
Bond Fund of America(SM) 1.21% 4.17% 6.11% 6.88% 7.48%
Federated Bond Fund Class F N/A 4.62% N/A N/A N/A
Federated GNMA Institutional 2.16% 5.69% 5.73% 6.31% 6.59%
Federated U.S. Government Securities Fund 2.79% 7.08% 4.95% 5.17% 5.91%
MAS Fixed Income Portfolio 1.09% 5.90% 6.12% 7.14% 7.73%
Nationwide(R) Bond Fund 0.37% 7.34% 5.82% 6.62% 6.60%
STABLE VALUE
Dreyfus Cash Management 4.15% 4.50% 4.40% 4.45% 4.51%
Nationwide(R) Money Market Fund 3.74% 4.08% 3.98% 4.04% 4.01%
S&P 500 *** 22.80% 28.58% 29.10% 27.90% 18.80%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* The percentage in the 10-year column for the Strong Common Stock reflects
performance since its inception in December 1989, and the figure shown for
Dreyfus S&P 500 Index Fund reflects performance since its inception in
November 1989.
** Funds are neither insured nor guaranteed by the U.S. Government. For the
Money Market Funds, there can be no assurance that this fund will be able
to maintain a stable net asset value of $1 per share.
*** The S&P 500 is a stock market index which assumes investment in the 500
largest available stocks. This unmanaged index is normally used as a
comparison or benchmark against equity mutual funds.
+ SEC and NASD regulations require that any reporting of product performance
be accompanied by standardized data and the disclosures are on the
following page. Please review this information and a product prospectus
before investing.
NOTE: The above illustration represents past performance based on a $1,000
hypothetical Investment and reflects the deduction of an actuarial risk fee
which is equivalent to 0.95% on an annualized basis. The results shown represent
past performance and should not be considered a representation of performance or
investor experience of the funds in the future. Investment returns and principal
are not guaranteed under these variable options. The unit values at the time of
redemption may be worth more or less than their original cost.
For complete information about the options available to you through your
Deferred Compensation Program, including charges and expenses, consult your
prospectus(es) which are available from your local representative. Please read
the prospectus(es) carefully before investing or sending money.
Sources: Nationwide Advisory Services
Computer Directions Advisors, Inc.
7
<PAGE> 7
DCVA FUND PERFORMANCES
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN: STANDARDIZED
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
1 YEAR YEAR 3 YEARS 5 YEARS 10 YEARS*
7/1/98- 1998 7/1/96- 7/1/94- 7/1/89-
FUNDS** 6/30/99 6/30/99 6/30/99 6/30/99
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LIFE DESIGN SERIES
Aggressive Portfolio 3.79% N/A N/A N/A N/A
Moderately Aggressive Portfolio 3.30% N/A N/A N/A N/A
Moderate Portfolio 3.46% N/A N/A N/A N/A
Moderately Conservative Portfolio 2.39% N/A N/A N/A N/A
Conservative Portfolio 0.38% N/A N/A N/A N/A
VERY HIGH
AIM Constellation Fund 7.44% 11.78% 11.91% 18.35% N/A
American Century: Twentieth Century Growth Fund 15.17% 28.98% 24.56% 20.11% 14.98%
American Century:
Twentieth Century International Discovery N/A N/A N/A N/A N/A
American Century:
Twentieth Century International Growth N/A N/A N/A N/A N/A
American Century: Twentieth Century Ultra Fund 14.37% 26.77% 21.41% 22.96% N/A
INVESCO Dynamics Fund N/A N/A N/A N/A N/A
Janus Twenty Fund 42.48% 65.24% 40.38% 34.11% N/A
Mass. Investors Growth Stock Fund 18.90% 32.18% 32.68% 29.03% 18.18%
NSAT Small Company Fund -5.03% N/A N/A N/A N/A
Prestige Small Capital Fund N/A N/A N/A N/A N/A
Putnam Voyager Fund 13.64% 16.38% 18.01% 23.01% N/A
Warburg Pincus Emerging Growth -6.76% N/A N/A N/A N/A
HIGH
AIM Weingarten Fund 18.72% 25.82% 23.87% 23.69% N/A
American Century: Twentieth Century Select Fund 18.19% 27.87% 26.70% 21.24% N/A
Davis New York Venture Fund 12.37% 7.15% 24.15% 23.23% N/A
Dreyfus Appreciation N/A N/A N/A N/A N/A
Dreyfus Third Century Fund 15.40% 22.44% 24.82% 23.55% 14.95%
Fidelity Advisor Growth Opportunities N/A N/A N/A N/A N/A
Fidelity Contrafund 17.51% 23.78% 22.87% 22.88% N/A
Fidelity Magellan(R) Fund 21.02% 25.86% 24.36% 22.48% N/A
Fidelity OTC Portfolio 32.03% 32.55% 23.48% N/A N/A
Growth Fund of America(R) 29.26% 24.03% 25.86% 22.88% N/A
Janus Fund 28.77% 31.08% 26.66% 23.78% N/A
Janus Worldwide Fund 6.23% N/A N/A N/A N/A
MFS(R) Growth Opportunities Fund 8.72% 21.45% 19.57% 21.78% 13.42%
Morgan Stanley Institutional Fund 6.12% N/A N/A N/A N/A
Nationwide(R) Growth Fund 6.87% 16.08% 19.61% 19.29% 12.61%
Neuberger & Berman Manhattan Fund -3.78% 8.79% 13.55% 15.94% N/A
Neuberger & Berman Partners Fund 4.58% -1.23% 17.61% N/A N/A
Neuberger & Berman Partners Trust N/A N/A N/A N/A N/A
Oppenheimer Global Fund N/A N/A N/A N/A N/A
Prestige International Fund N/A N/A N/A N/A N/A
Prestige Large Capital Growth Fund N/A N/A N/A N/A N/A
Putnam Investors Fund 13.38% 27.74% 26.54% 25.53% 17.19%
Seligman Growth Fund 15.72% 27.46% 20.20% 20.82% 14.38%
Strong Common Stock 10.28% -0.91% 17.27% 18.26% N/A
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE> 8
DCVA FUND PERFORMANCES
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN: STANDARDIZED
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
1 YEAR YEAR 3 YEARS 5 YEARS 10 YEARS*
7/1/98- 1998 7/1/96- 7/1/94- 7/1/89-
FUNDS** 6/30/99 6/30/99 6/30/99 6/30/99
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
T. Rowe Price International Stock Fund(R) -1.08% 8.54% 5.61% 7.04% N/A
Templeton Foreign Fund 6.22% -11.92% 6.60% 7.39% N/A
Templeton Global Smaller Companies Fund -16.49% -18.04% -1.31% 4.29% N/A
MODERATE
American Century: Income & Growth Investors N/A N/A N/A N/A N/A
Delaware Group - Decatur Income Fund -1.83% 2.55% 15.50% 16.62% N/A
Dreyfus Premier Midcap Stock Fund N/A N/A N/A N/A N/A
Dreyfus S&P 500 Index Fund 14.49% 20.37% N/A N/A N/A
Evergreen Income and Growth Fund 3.64% -8.07% 11.30% 12.13% 8.24%
Fidelity Equity-Income Fund 6.94% 4.96% 19.00% 19.08% 13.21%
Fidelity Growth and Income Portfolio 10.41% 20.60% 21.67% 22.14% N/A
INVESCO Industrial Income Fund 8.16% 6.55% 17.54% 16.09% N/A
Nationwide(R) Fund 7.12% 22.61% 26.67% 24.38% 15.82%
Nationwide S&P 500 Index Fund - Y N/A N/A N/A N/A N/A
Neuberger & Berman Guardian Fund -2.89% -5.11% 12.50% N/A N/A
Neuberger & Berman Guardian Trust -2.94% N/A N/A N/A N/A
Prestige Large Capital Value Fund N/A N/A N/A N/A N/A
SEI Index S&P 500 Index Fund 14.86% 20.63% 25.35% 24.96% N/A
LOW
Fidelity Advisor High Yield Fund N/A N/A N/A N/A N/A
Fidelity Asset Manager(TM) 5.95% 8.50% 13.86% 11.79% N/A
Fidelity Capital & Income Fund 1.95% -2.74% 9.29% 8.41% 9.57%
Fidelity Puritan(R) Fund 2.63% 8.99% 14.03% N/A N/A
Income Fund of America(R) -0.21% 1.93% 11.65% 13.15% N/A
INVESCO Total Return Fund N/A N/A N/A N/A N/A
MFS(R) High Income Fund -6.91% -6.36% 5.25% 6.76% 6.99%
Prestige Balance Fund N/A N/A N/A N/A N/A
VERY LOW
Bond Fund of America(SM) -5.27% -2.33% 3.17% 4.75% 6.06%
Federated Bond Fund Class F N/A N/A N/A N/A N/A
Federated GNMA Trust -4.34% -0.81% 2.76% 4.14% N/A
Federated U.S. Government Securities Fund -3.71% 0.58% 1.93% 2.92% N/A
MAS Fixed Income Portfolio -5.39% -0.60% 3.18% N/A N/A
Nationwide(R) Bond Fund -6.08% 0.84% 2.86% 4.48% 5.12%
STABLE VALUE
Dreyfus Cash Management -2.35% -2.00% 1.34% 2.14% N/A
Nationwide(R) Money Market Fund -2.76% -2.42% 0.91% 1.69% 2.30%
</TABLE>
* The percentage in the 10-year column for the Strong Common Stock reflects
performance since its inception in December 1989, and the figure shown for
Dreyfus S&P 500 Index Fund reflects performance since its inception in
November 1989.
** Funds are neither insured nor guaranteed by the U.S. Government. For the
Money Market Funds, there can be no assurance that this fund will be able
to maintain a stable net asset value of $1 per share.
NOTE: The above illustration represents past fund performance based on a $1,000
hypothetical Investment. The performance figures reflect the deduction of a
0.95% annual asset fee, $15 annual administrative charge, and a 5.0% Contingent
Deferred Sales Charge. These charges/fees may not be applicable to your Deferred
Compensation Program. Investment principal and investment returns are not
guaranteed under these variable options. Unit values at the time of redemption
may be worth more or less than their original cost. The results shown above
should not be considered a representation of performance or investor experience
of the funds in the future.
For complete information about the options available to you through your
Deferred Compensation Program, including charges and expenses, consult your
prospectus(es) which are available from your local representative. Please read
the prospectus(es) carefully before investing or sending money.
9
<PAGE> 9
- --------------------------------------------------------------------------------
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
June 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments at market value:
AIM Equity Funds, Inc. - AIM Constellation Fund - Institutional Class (AIMCon)
255,798 shares (cost $7,328,899) ................................................................ $ 8,807,134
American Century: Income & Growth Fund (ACIncGro)
170,219 shares (cost $5,063,460) ................................................................ 5,418,068
American Century: Twentieth Century Growth Fund (ACTCGro)
7,740,071 shares (cost $185,641,785) ............................................................ 232,898,729
American Century: Twentieth Century International Discovery Fund (ACTCIntDis)
178,735 shares (cost $1,969,348) ................................................................ 2,055,450
American Century: Twentieth Century Select Fund (ACTCSel)
80,131 shares (cost $3,514,526) ................................................................. 4,222,102
American Century: Twentieth Century Ultra Fund (ACTCUltra)
15,624,288 shares (cost $458,282,163) ........................................................... 587,004,495
American Century VP - American Century VP Balanced (ACVPBal)
2,952 shares (cost $21,941) ..................................................................... 21,758
American Century VP - American Century VP Capital Appreciation (ACVPCapAp)
8,477 shares (cost $82,765) ..................................................................... 88,755
The Bond Fund of America(SM), Inc. (BdFdAm)
1,339,752 shares (cost $18,351,556) ............................................................. 17,751,712
Davis New York Venture Fund, Inc. - Class A (DNYVenFd)
14,457 shares (cost $343,047) ................................................................... 417,806
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class (DeDecInc)
16,332 shares (cost $307,723) .................................................................... 308,506
Dreyfus Appreciation Fund, Inc. (DryApp)
79,568 shares (cost $3,390,976) ................................................................. 3,577,378
Dreyfus Cash Management - Class A (DryCsMgt)
212,147 shares (cost $212,147) .................................................................. 212,147
Dreyfus Premier Midcap Stock - Class A (DryPreMCap)
16,342 shares (cost $262,398) ................................................................... 281,082
Dreyfus S&P 500 Index Fund (Dry500Ix)
2,254,384 shares (cost $74,306,069) ............................................................. 91,866,149
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
779 shares (cost $20,907) ....................................................................... 27,315
Dreyfus Stock Index Fund (DryStkIx)
5,148 shares (cost $145,763) .................................................................... 185,909
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
4,767,754 shares (cost $50,602,052) ............................................................. 65,413,590
</TABLE>
10
<PAGE> 10
<TABLE>
<S> <C>
Evergreen Income and Growth Fund - Class Y (EvIncGro)
171,636 shares (cost $3,470,450) ................................................................ 3,939,045
Federated Investment Series Fund, Inc. - Federated Bond Fund - Class F (FedBdFd)
142,012 shares (cost $1,388,150) ................................................................ 1,336,333
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares (FedUSGvt)
722,659 shares (cost $7,828,781) ................................................................. 7,631,282
Fidelity Advisor Growth Opportunities Fund - Class A (FAGrOppA)
34,391 shares (cost $1,717,819) ................................................................. 1,826,875
Fidelity Advisor High Yield Fund - Class T (FAHiYld)
25,252 shares (cost $297,644) ................................................................... 295,452
Fidelity Asset Manager(TM) (FidAsMgr)
630,818 shares (cost $11,260,319) ............................................................... 11,405,187
Fidelity Capital & Income Fund (FidCapInc)
131,783 shares (cost $1,237,245) ................................................................ 1,315,191
Fidelity Contrafund (FidContr)
7,094,854 shares (cost $321,293,992) ............................................................ 445,769,690
Fidelity Equity-Income Fund (FidEqInc)
5,352,845 shares (cost $227,651,956) ............................................................ 329,895,821
Fidelity Growth & Income Portfolio (FidGrInc)
528,687 shares (cost $21,767,751) ............................................................... 25,768,186
Fidelity Magellan(R) Fund (FidMgln)
2,885,146 shares (cost $256,116,541) ............................................................ 374,405,414
Fidelity VIP Fund II - Asset Manager Portfolio (FidVIPAM)
3,262 shares (cost $52,539) ..................................................................... 57,702
Fidelity VIP Fund - Equity-Income Portfolio (FidVIPEI)
8,735 shares (cost $196,503) .................................................................... 238,019
Fidelity VIP Fund - Growth Portfolio (FidVIPGr)
6,249 shares (cost $218,017) .................................................................... 285,752
Fidelity VIP Fund - High Income Portfolio (FidVIPHI)
2,781 shares (cost $33,686) ..................................................................... 31,400
Fidelity VIP Fund - Overseas Portfolio (FidVIPOv)
6,982 shares (cost $130,394) .................................................................... 145,218
The Growth Fund of America(R), Inc. (GroFdAm)
909,431 shares (cost $17,191,856) ............................................................... 24,254,531
The Income Fund of America(R), Inc. (IncFdAm)
1,179,266 shares (cost $20,152,831) ............................................................. 20,837,635
INVESCO Dynamics Fund, Inc. (InvDynam)
160,818 shares (cost $2,833,799) ................................................................ 3,171,324
INVESCO Industrial Income Fund, Inc. (InvIndlnc)
1,841,482 shares (cost $26,140,734) ............................................................. 30,623,851
INVESCO Total Return Fund (InvTotRet)
38,749 shares (cost $1,225,573) ................................................................. 1,279,489
Janus Fund (JanFund)
5,380,361 shares (cost $168,335,970) ............................................................ 216,290,510
(Continued)
</TABLE>
11
<PAGE> 11
<TABLE>
<S> <C>
Janus Worldwide Fund (JanWrldwde)
26,011 shares (cost $1,213,203) ................................................................. 1,389,768
MAS Funds - Fixed Income Portfolio (MASFIP)
603,853 shares (cost $7,097,416) ................................................................ 6,877,885
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
658,190 shares (cost $7,798,813) ................................................................ 11,748,688
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)
2,178,442 shares (cost $28,913,484) ............................................................. 36,706,742
MFS(R) High Income Fund - Class A (MFSHiInc)
997,222 shares (cost $5,271,751) ................................................................ 5,135,692
Morgan Stanley Institutional Fund, Inc. - Equity Growth Portfolio - Class B (MSIEqGroB)
25,788 shares (cost $509,280) ................................................................... 564,498
NAAT - The Aggressive Portfolio (NAATAggr)
288,272 shares (cost $3,209,267) ................................................................ 3,539,982
NAAT - The Conservative Portfolio (NAATCons)
140,481 shares (cost $1,528,521) ................................................................ 1,548,099
NAAT - The Moderate Portfolio (NAATMod)
229,717 shares (cost $2,528,746) ................................................................ 2,754,305
NAAT - The Moderately Aggressive Portfolio (NAATModAgg)
201,502 shares (cost $2,237,602) ................................................................ 2,422,048
NAAT - The Moderately Conservative Portfolio (NAATModCon)
100,783 shares (cost $1,096,971) ................................................................ 1,167,067
Nationwide(R) Bond Fund - Class D (NWBdFd)
29,419 shares (cost $280,793) ................................................................... 271,541
Nationwide(R) Fund - Class D (NWFund)
5,810,160 shares (cost $159,914,966) ............................................................ 201,438,244
Nationwide(R) Growth Fund - Class D (NWGroFd)
795,516 shares (cost $12,076,123) ............................................................... 15,003,430
Nationwide(R) Money Market Fund (NWMyMkt)
106,450,411 shares (cost $106,450,411) .......................................................... 106,450,411
Nationwide(R) S&P 500 Index Fund - Class Y (NWIndxFdY)
431,888 shares (cost $4,896,392) ................................................................ 5,195,615
Nationwide(R) Separate Account Trust - Government Bond Fund (NSATGvtBd)
1,813 shares (cost $20,336) ..................................................................... 20,181
Nationwide(R)Separate Account Trust - Money Market Fund (NSATMyMkt)
115,935 shares (cost $115,935) .................................................................. 115,935
Nationwide(R)Separate Account Trust - Small Company Fund (NSATSmCo)
213,218 shares (cost $3,335,885) ................................................................ 3,673,750
Nationwide(R) Separate Account Trust - Total Return Fund (NSATTotRe)
8,138 shares (cost $123,623) .................................................................... 165,128
Neuberger & Berman Advisors Management Trust - Growth Portfolio (NBAMTGro)
1,606 shares (cost $40,000) ..................................................................... 40,999
Neuberger & Berman Advisors Management Trust -
Limited Maturity Bond Portfolio (NBAMTLMat)
944 shares (cost $12,863) ........................................................................ 12,350
Neuberger & Berman Advisors Management Trust - Partners Portfolio (NBAMTPart)
3,453 shares (cost $64,728) ..................................................................... 71,536
</TABLE>
12
<PAGE> 12
<TABLE>
<S> <C>
Neuberger & Berman Equity Funds - Guardian Fund (NBGuard)
59,043 shares (cost $1,385,464) ................................................................. 1,518,597
Neuberger & Berman Equity Funds - Manhattan Fund (NBManhFd)
21,667 shares (cost $248,424) ................................................................... 267,151
Neuberger & Berman Equity Trust - Partners Trust (NBPartTr)
9,746 shares (cost $194,532) .................................................................... 199,106
NIF III - Prestige Balanced Fund - Class Y (PrBalY)
30,959 shares (cost $336,833) ................................................................... 348,284
NIF III - Prestige International Fund - Class Y (PrIntY)
13,331 shares (cost $143,430) ................................................................... 146,108
NIF III - Prestige Large Cap Growth Fund - Class Y (PrLgCapGrY)
69,592 shares (cost $854,694) ................................................................... 909,571
NIF III - Prestige Large Cap Value Fund - Class Y (PrLgCpValY)
15,642 shares (cost $173,839) ................................................................... 180,045
NIF III - Prestige Small Cap Fund - Class Y (PrSmCapY)
40,229 shares (cost $427,138) ................................................................... 462,229
Oppenheimer Global Fund - Class A (OppGlob)
29,064 shares (cost $1,296,345) ................................................................. 1,411,041
Putnam Investors Fund - Class A (PutInvFd)
5,340,731 shares (cost $58,879,189) ............................................................. 86,840,278
Putnam Voyager Fund - Class A (PutVoyFd)
9,741,507 shares (cost $172,848,525) ............................................................ 243,829,926
SEI Index Funds - S&P 500 Index Portfolio (SEI500Ix)
1,366,506 shares (cost $47,978,409) ............................................................. 58,650,420
Seligman Growth Fund, Inc. - Class A (SelGroFd)
486,857 shares (cost $2,738,566) ................................................................ 3,967,888
T. Rowe Price International Funds, Inc. - International Stock Fund(R)(TRIntStk)
2,452,036 shares (cost $36,769,965) ............................................................. 38,300,799
Templeton Foreign Fund - Class I (TemForFd)
6,844,247 shares (cost $67,464,277) ............................................................. 70,495,739
Warburg Pincus Emerging Growth Fund - Common Shares (WPEmGro)
10,382 shares (cost $401,075) ................................................................... 437,621
-------------
Total investments ............................................................................ 3,435,640,689
Accounts receivable ................................................................................... 25,918
-------------
Total assets ................................................................................. 3,435,666,607
ACCOUNTS PAYABLE ......................................................................................... 559,271
-------------
CONTRACT OWNERS' EQUITY (NOTE 4) ......................................................................... $ 3,435,107,336
=============
</TABLE>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
13
<PAGE> 13
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
TOTAL AIMCON
---------------------------------- ----------------------------------
1999 1998 1999 1998
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 7,875,866 7,526,943 -- --
Mortality and expense charges (note 2) ....... -- (3,556,112) -- (13,212)
Administration charge (note 2):
Tier I ................................ -- (1,675,650) -- (2,695)
Tier II ............................... -- (484,483) -- --
Tier III .............................. -- (168,929) -- --
Tier IV ............................... -- (64,112) -- --
Tier V ................................ -- (194,057) -- (3,065)
Variable account fee (notes 2 and 5) .......... (12,632,065) (3,348,909) (24,906) (7,603)
--------------- --------------- --------------- ---------------
Net investment activity ..................... (4,756,199) (1,965,309) (24,906) (26,575)
Proceeds from mutual fund shares sold ......... 348,865,571 205,690,551 1,728,112 6,048,156
Cost of mutual fund shares sold ............... (284,336,348) (164,731,807) (1,565,354) (5,556,896)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ......... 64,529,223 40,958,744 162,758 491,260
Change in unrealized gain (loss) on investments 253,887,045 283,448,052 576,998 551,636
--------------- --------------- --------------- ---------------
Net gain (loss) on investments .............. 318,416,268 324,406,796 739,756 1,042,896
--------------- --------------- --------------- ---------------
Reinvested capital gains ...................... 28,245,650 15,360,642 -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 341,905,719 337,802,129 714,850 1,016,321
--------------- --------------- --------------- ---------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 330,425,623 316,375,454 1,150,321 2,367,565
Transfers between funds ....................... -- -- (1,114,445) (1,539,994)
Redemptions ................................... (108,127,660) (151,818,032) (258,386) (4,100,587)
Annual contract maintenance charge (note 2) ... (2,872) (1,817) -- --
Contingent deferred sales charges (note 2) .... (364) (893) -- --
Adjustments to maintain reserves .............. (105,290) (430,307) (53) 261
--------------- --------------- --------------- ---------------
Net equity transactions ................... 222,189,437 164,124,405 (222,563) (3,272,755)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 564,095,156 501,926,534 492,287 (2,256,434)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 2,871,012,180 1,974,100,969 8,314,877 9,590,157
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 3,435,107,336 2,476,027,503 8,807,164 7,333,723
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
AIMWEIN ACINCGRO
---------------------------------- ----------------------------------
1999 1998 1999 1998
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- 27,184 --
Mortality and expense charges (note 2) ....... -- -- -- --
Administration charge (note 2):
Tier I ................................ -- -- -- --
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... -- -- (12,903) --
--------------- --------------- --------------- ---------------
Net investment activity ..................... -- -- 14,281 --
Proceeds from mutual fund shares sold ......... -- 407 548,413 --
Cost of mutual fund shares sold ............... -- (450) (525,745) --
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ......... -- (43) 22,668 --
Change in unrealized gain (loss) on investments -- 46 351,360 --
--------------- --------------- --------------- ---------------
Net gain (loss) on investments .............. -- 3 374,028 --
--------------- --------------- --------------- ---------------
Reinvested capital gains ...................... -- -- 8,652 --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ -- 3 396,961 --
--------------- --------------- --------------- ---------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. -- -- 1,867,279 --
Transfers between funds ....................... -- -- 3,102,342 --
Redemptions ................................... -- -- (204,500) --
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. -- (3) 706 --
--------------- --------------- --------------- ---------------
Net equity transactions ................... -- (3) 4,765,827 --
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... -- -- 5,162,788 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... -- -- 256,005 --
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... -- -- 5,418,793 --
=============== =============== =============== ===============
</TABLE>
14
<PAGE> 14
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
ACTCGRO ACTCINTDIS
------------------------------ ------------------------------
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- -- --
Mortality and expense charges (note 2) ........ -- (245,696) -- --
Administration charge (note 2):
Tier I ................................ -- (98,801) -- --
Tier II ............................... -- (35,121) -- --
Tier III .............................. -- (10,512) -- --
Tier IV ............................... -- (3,181) -- --
Tier V ................................ -- (19,963) -- --
Variable account fee (notes 2 and 5) .......... (889,436) (219,441) (2,961) --
------------- ------------- ------------- -------------
Net investment activity ..................... (889,436) (632,715) (2,961) --
Proceeds from mutual fund shares sold ......... 29,148,889 10,107,707 3,192,194 --
Cost of mutual fund shares sold ............... (22,179,220) (9,108,047) (3,073,404) --
------------- ------------- ------------- -------------
Realized gain (loss) on investments ......... 6,969,669 999,660 118,790 --
Change in unrealized gain (loss) on investments 15,701,624 31,137,289 79,453 --
------------- ------------- ------------- -------------
Net gain (loss) on investments .............. 22,671,293 32,136,949 198,243 --
------------- ------------- ------------- -------------
Reinvested capital gains ...................... -- -- -- --
------------- ------------- ------------- -------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 21,781,857 31,504,234 195,282 --
------------- ------------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 16,587,728 10,612,505 212,485 --
Transfers between funds ....................... (2,977,626) (1,288,644) 1,470,737 --
Redemptions ................................... (7,553,292) (10,800,234) (3,809) --
Annual contract maintenance charge (note 2) ... (154) (5) -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (204,714) 2,320 (8) --
------------- ------------- ------------- -------------
Net equity transactions ................... 5,851,942 (1,474,058) 1,679,405 --
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 27,633,799 30,030,176 1,874,687 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 205,062,510 139,756,024 180,760 --
------------- ------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 232,696,309 169,786,200 2,055,447 --
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
ACTCINTLGR ACTCSEL
----------------------------- ------------------------------
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- -- --
Mortality and expense charges (note 2) ........ -- (2) -- (4,167)
Administration charge (note 2):
Tier I ................................ -- (2) -- (122)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- (1,613)
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... -- -- (12,721) (3,207)
------------- ------------- ------------- -------------
Net investment activity ..................... -- (4) (12,721) (9,109)
Proceeds from mutual fund shares sold ......... -- 11,135 216,913 150,203
Cost of mutual fund shares sold ............... -- (10,717) (140,396) (101,159)
------------- ------------- ------------- -------------
Realized gain (loss) on investments ......... -- 418 76,517 49,044
Change in unrealized gain (loss) on investments -- -- 320,240 416,051
------------- ------------- ------------- -------------
Net gain (loss) on investments .............. -- 418 396,757 465,095
------------- ------------- ------------- -------------
Reinvested capital gains ...................... -- -- -- --
------------- ------------- ------------- -------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ -- 414 384,036 455,986
------------- ------------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. -- 10,713 347,188 123,751
Transfers between funds ....................... -- -- 173,838 9,789
Redemptions ................................... -- (11,133) (92,874) (67,723)
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. -- 6 20 8
------------- ------------- ------------- -------------
Net equity transactions ................... -- (414) 428,172 65,825
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... -- -- 812,208 521,811
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... -- -- 3,409,830 2,294,883
------------- ------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... -- -- 4,222,038 2,816,694
============= ============= ============= =============
</TABLE>
(Continued)
15
<PAGE> 15
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
ACTCULTRA ACVPBAL
------------------------------ ------------------------------
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- 285 135
Mortality and expense charges (note 2) ....... -- (590,177) -- (12)
Administration charge (note 2):
Tier I ................................ -- (289,702) -- (11)
Tier II ............................... -- (78,787) -- --
Tier III .............................. -- (33,584) -- --
Tier IV ............................... -- (8,689) -- --
Tier V ................................ -- (27,632) -- --
Variable account fee (notes 2 and 5) .......... (2,249,166) (559,259) (84) (15)
------------- ------------- ------------- -------------
Net investment activity ..................... (2,249,166) (1,587,830) 201 97
Proceeds from mutual fund shares sold ......... 15,295,997 29,963,280 -- --
Cost of mutual fund shares sold ............... (8,270,711) (20,103,204) -- --
------------- ------------- ------------- -------------
Realized gain (loss) on investments ......... 7,025,286 9,860,076 -- --
Change in unrealized gain (loss) on investments 55,546,145 69,635,146 (1,438) 155
------------- ------------- ------------- -------------
Net gain (loss) on investments .............. 62,571,431 79,495,222 (1,438) 155
------------- ------------- ------------- -------------
Reinvested capital gains ...................... -- -- 1,964 835
------------- ------------- ------------- -------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 60,322,265 77,907,392 727 1,087
------------- ------------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 51,610,364 46,404,725 2,816 2,366
Transfers between funds ....................... 6,190,259 (13,570,719) 4,547 --
Redemptions ................................... (17,886,594) (29,064,187) -- --
Annual contract maintenance charge (note 2) ... (243) (12) -- --
Contingent deferred sales charges (note 2) .... 5 -- -- --
Adjustments to maintain reserves .............. 3,558 10,033 -- --
------------- ------------- ------------- -------------
Net equity transactions ................... 39,917,349 3,779,840 7,363 2,366
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 100,239,614 81,687,232 8,090 3,453
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 486,769,512 334,663,456 13,664 6,841
------------- ------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 587,009,126 416,350,688 21,754 10,294
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
ACVPCAPAP BDFDAM
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- 660,160 497,854
Mortality and expense charges (note 2) ....... -- (126) -- (22,352)
Administration charge (note 2):
Tier I ................................ -- (114) -- (12,086)
Tier II ............................... -- -- -- (3,155)
Tier III .............................. -- -- -- (903)
Tier IV ............................... -- -- -- (97)
Tier V ................................ -- -- -- (970)
Variable account fee (notes 2 and 5) .......... (371) (127) (78,057) (21,778)
------------- ------------- ------------- -------------
Net investment activity ..................... (371) (367) 582,103 436,513
Proceeds from mutual fund shares sold ......... 1,269 11,964 6,340,056 2,294,830
Cost of mutual fund shares sold ............... (1,389) (14,347) (6,525,177) (2,256,243)
------------- ------------- ------------- -------------
Realized gain (loss) on investments ......... (120) (2,383) (185,121) 38,587
Change in unrealized gain (loss) on investments 12,290 (1,287) (307,348) (91,382)
------------- ------------- ------------- -------------
Net gain (loss) on investments .............. 12,170 (3,670) (492,469) (52,795)
------------- ------------- ------------- -------------
Reinvested capital gains ...................... -- 3,694 -- 68,681
------------- ------------- ------------- -------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 11,799 (343) 89,634 452,399
------------- ------------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 3,492 12,175 1,340,381 1,955,289
Transfers between funds ....................... -- (10,477) (1,503,554) 1,293,173
Redemptions ................................... (1,034) -- (932,979) (605,349)
Annual contract maintenance charge (note 2) ... (1) (1) (23) (7)
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 1 8 829 (193)
------------- ------------- ------------- -------------
Net equity transactions ................... 2,458 1,705 (1,095,346) 2,642,913
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 14,257 1,362 (1,005,712) 3,095,312
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 74,477 78,567 18,775,654 12,478,178
------------- ------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 88,734 79,929 17,769,942 15,573,490
============= ============= ============= =============
</TABLE>
16
<PAGE> 16
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
DNYVENFD DEDECINC
------------------------ ------------------------
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- 2,250 4,331 3,637
Mortality and expense charges (note 2) ........ -- (719) -- (495)
Administration charge (note 2):
Tier I ................................ -- -- -- (345)
Tier II ............................... -- (576) -- (64)
Tier III .............................. -- -- -- (19)
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (1,654) (703) (1,427) (481)
---------- ---------- ---------- ----------
Net investment activity ..................... (1,654) 252 2,904 2,233
Proceeds from mutual fund shares sold ......... 33,169 131,230 39,709 6,317
Cost of mutual fund shares sold ............... (28,671) (132,417) (34,527) (4,796)
---------- ---------- ---------- ----------
Realized gain (loss) on investments ......... 4,498 (1,187) 5,182 1,521
Change in unrealized gain (loss) on investments 49,342 42,873 5,546 20,744
---------- ---------- ---------- ----------
Net gain (loss) on investments .............. 53,840 41,686 10,728 22,265
---------- ---------- ---------- ----------
Reinvested capital gains ...................... -- 6,545 -- --
---------- ---------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 52,186 48,483 13,632 24,498
---------- ---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. -- 44,602 10,727 13,557
Transfers between funds ....................... 46,660 (60,634) (32,471) (1,423)
Redemptions ................................... (31,466) (34,856) (6,489) (5,318)
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (13) (9,942) 1 11
---------- ---------- ---------- ----------
Net equity transactions ................... 15,181 (60,830) (28,232) 6,827
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 67,367 (12,347) (14,600) 31,325
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 350,427 446,013 323,087 282,605
---------- ---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 417,794 433,666 308,487 313,930
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
DRYAPP DRYCSMGT
------------------------ ------------------------
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- 5,348 6,609
Mortality and expense charges (note 2) ........ -- -- -- (404)
Administration charge (note 2):
Tier I ................................ -- -- -- --
Tier II ............................... -- -- -- (324)
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (9,381) -- (1,007) (366)
---------- ---------- ---------- ----------
Net investment activity ..................... (9,381) -- 4,341 5,515
Proceeds from mutual fund shares sold ......... 382,721 -- 37,128 61,404
Cost of mutual fund shares sold ............... (355,312) -- (37,128) (61,404)
---------- ---------- ---------- ----------
Realized gain (loss) on investments ......... 27,409 -- -- --
Change in unrealized gain (loss) on investments 166,239 -- -- --
---------- ---------- ---------- ----------
Net gain (loss) on investments .............. 193,648 -- -- --
---------- ---------- ---------- ----------
Reinvested capital gains ...................... 201 -- -- --
---------- ---------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 184,468 -- 4,341 5,515
---------- ---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 1,265,915 -- -- 7,000
Transfers between funds ....................... 1,366,185 -- -- 8,645
Redemptions ................................... (42,748) -- (41,466) (59,292)
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 1 -- (5) 15
---------- ---------- ---------- ----------
Net equity transactions ................... 2,589,353 -- (41,471) (43,632)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 2,773,821 -- (37,130) (38,117)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 803,611 -- 243,930 280,820
---------- ---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 3,577,432 -- 206,800 242,703
========== ========== ========== ==========
</TABLE>
(Continued)
17
<PAGE> 17
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
DRYPREMCAP DRY500IX
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- -- --
Mortality and expense charges (note 2) ....... -- -- -- (50,585)
Administration charge (note 2):
Tier I ................................ -- -- -- (25,258)
Tier II ............................... -- -- -- (9,470)
Tier III .............................. -- -- -- (4,279)
Tier IV ............................... -- -- -- (1,421)
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (500) -- (345,518) (64,899)
----------- ----------- ----------- -----------
Net investment activity ..................... (500) -- (345,518) (155,912)
Proceeds from mutual fund shares sold ......... 104,584 -- 4,452,581 10,174,952
Cost of mutual fund shares sold ............... (105,100) -- (3,265,084) (10,066,030)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... (516) -- 1,187,497 108,922
Change in unrealized gain (loss) on investments 17,664 -- 8,073,417 4,849,573
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 17,148 -- 9,260,914 4,958,495
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 16,648 -- 8,915,396 4,802,583
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 140,841 -- 16,884,001 15,382,884
Transfers between funds ....................... 102,535 -- 1,595,081 10,311,800
Redemptions ................................... (6) -- (3,205,368) (1,541,596)
Annual contract maintenance charge (note 2) ... -- -- (10) --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (19) -- 8,401 320,473
----------- ----------- ----------- -----------
Net equity transactions ................... 243,351 -- 15,282,105 24,473,561
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 259,999 -- 24,197,501 29,276,144
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 19,055 -- 67,670,706 19,067,570
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 279,054 -- 91,868,207 48,343,714
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
DRYSRGRO DRYSTKIX
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- 949 461
Mortality and expense charges (note 2) ....... -- (18) -- (102)
Administration charge (note 2):
Tier I ................................ -- (16) -- (29)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- (42)
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (107) (20) (762) (130)
----------- ----------- ----------- -----------
Net investment activity ..................... (107) (54) 187 158
Proceeds from mutual fund shares sold ......... -- -- 5,298 6,154 es
Cost of mutual fund shares sold ............... -- -- (2,496) (2,902)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... -- -- 2,802 3,252
Change in unrealized gain (loss) on investments 2,828 1,894 14,158 5,151
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 2,828 1,894 16,960 8,403
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- 731 131
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 2,721 1,840 17,878 8,692
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 5,175 3,254 45,489 12,209
Transfers between funds ....................... -- -- (566) 21,063
Redemptions ................................... -- -- -- --
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 1 -- 2 42
----------- ----------- ----------- -----------
Net equity transactions ................... 5,176 3,254 44,925 33,314
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 7,897 5,094 62,803 42,006
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 19,414 8,913 123,087 45,887
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 27,311 14,007 185,890 87,893
=========== =========== =========== ===========
</TABLE>
18
<PAGE> 18
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
DRY3DCEN EVINCGRO
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- 94,223 101,246
Mortality and expense charges (note 2) ....... -- (66,294) -- (7,687)
Administration charge (note 2):
Tier I ................................ -- (29,387) -- (3,311)
Tier II ............................... -- (7,533) -- (1,433)
Tier III .............................. -- (3,505) -- (215)
Tier IV ............................... -- (1,116) -- (32)
Tier V ................................ -- (4,678) -- (533)
Variable account fee (notes 2 and 5) .......... (203,357) (63,319) (15,457) (6,380)
------------ ------------ ------------ ------------
Net investment activity ..................... (203,357) (175,832) 78,766 81,655
Proceeds from mutual fund shares sold ......... 3,149,549 1,168,660 553,148 353,876
Cost of mutual fund shares sold ............... (1,671,372) (853,180) (486,339) (279,444)
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... 1,478,177 315,480 66,809 74,432
Change in unrealized gain (loss) on investments 5,365,632 6,592,300 345,684 (75,733)
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. 6,843,809 6,907,780 412,493 (1,301)
------------ ------------ ------------ ------------
Reinvested capital gains ...................... -- -- -- --
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 6,640,452 6,731,948 491,259 80,354
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 6,319,265 6,905,136 99,838 135,541
Transfers between funds ....................... (1,750,274) (570,200) (513,178) (292,658)
Redemptions ................................... (2,326,903) (1,156,800) (69,810) (104,771)
Annual contract maintenance charge (note 2) ... (40) -- (18) --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 4,538 (626) (27) (26)
------------ ------------ ------------ ------------
Net equity transactions ................... 2,246,586 5,177,510 (483,195) (261,914)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 8,887,038 11,909,458 8,064 (181,560)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 56,526,907 36,149,180 3,931,008 4,630,650
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 65,413,945 48,058,638 3,939,072 4,449,090
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
FEDGNMA FEDBDFD
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- 10,016 36,865 --
Mortality and expense charges (note 2) ....... -- (768) -- --
Administration charge (note 2):
Tier I ................................ -- (691) -- --
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... -- -- (2,924) --
------------ ------------ ------------ ------------
Net investment activity ..................... -- 8,557 33,941 --
Proceeds from mutual fund shares sold ......... -- 980,581 483,543 --
Cost of mutual fund shares sold ............... -- (966,648) (496,310) --
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... -- 13,933 (12,767) --
Change in unrealized gain (loss) on investments -- (13,073) (50,765) --
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. -- 860 (63,532) --
------------ ------------ ------------ ------------
Reinvested capital gains ...................... -- -- -- --
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ -- 9,417 (29,591) --
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. -- 13,861 110,943 --
Transfers between funds ....................... -- (57,803) 993,778 --
Redemptions ................................... -- (923,736) (10,780) --
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. -- (304) 90 --
------------ ------------ ------------ ------------
Net equity transactions ................... -- (967,982) 1,094,031 --
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... -- (958,565) 1,064,440 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... -- 958,565 280,000 --
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... -- -- 1,344,440 --
============ ============ ============ ============
</TABLE>
(Continued)
19
<PAGE> 19
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
FEDUSGVT FAGROPPA
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 167,377 84,168 -- --
Mortality and expense charges (note 2) ....... -- (4,822) -- --
Administration charge (note 2):
Tier I ................................ -- (2,999) -- --
Tier II ............................... -- (739) -- --
Tier III .............................. -- (199) -- --
Tier IV ............................... -- (94) -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (33,157) (5,244) (4,206) --
----------- ----------- ----------- -----------
Net investment activity ..................... 134,220 70,071 (4,206) --
Proceeds from mutual fund shares sold ......... 1,833,961 1,157,436 186,202 --
Cost of mutual fund shares sold ............... (1,824,413) (1,134,193) (183,130) --
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... 9,548 23,243 3,072 --
Change in unrealized gain (loss) on investments (255,215) (18,548) 106,539 --
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. (245,667) 4,695 109,611 --
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- 197 --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ (111,447) 74,766 105,602 --
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 778,503 325,084 745,547 --
Transfers between funds ....................... 1,286,025 1,017,607 679,613 --
Redemptions ................................... (564,345) (96,320) (10,374) --
Annual contract maintenance charge (note 2) ... (6) -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (6) (60) (46) --
----------- ----------- ----------- -----------
Net equity transactions ................... 1,500,171 1,246,311 1,414,740 --
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 1,388,724 1,321,077 1,520,342 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 6,242,531 2,524,630 305,896 --
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 7,631,255 3,845,707 1,826,238 --
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
FAHIYLD FIDASMGR
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... 8,131 -- 173,151 118,730
Mortality and expense charges (note 2) ....... -- -- -- (12,311)
Administration charge (note 2):
Tier I ................................ -- -- -- (7,018)
Tier II ............................... -- -- -- (1,576)
Tier III .............................. -- -- -- (658)
Tier IV ............................... -- -- -- (578)
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (841) -- (44,966) (12,120)
----------- ----------- ----------- -----------
Net investment activity ..................... 7,290 -- 128,185 84,469
Proceeds from mutual fund shares sold ......... 334,918 -- 899,898 515,673
Cost of mutual fund shares sold ............... (330,000) -- (821,061) (413,958)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... 4,918 -- 78,837 101,715
Change in unrealized gain (loss) on investments (2,034) -- 335,016 363,311
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 2,884 -- 413,853 465,026
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 10,174 -- 542,038 549,495
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 82,544 -- 1,554,330 1,322,672
Transfers between funds ....................... 190,699 -- 304,146 162,856
Redemptions ................................... (6,929) -- (492,970) (291,175)
Annual contract maintenance charge (note 2) ... -- -- (12) --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (18) -- 618 (1,560)
----------- ----------- ----------- -----------
Net equity transactions ................... 266,296 -- 1,366,112 1,192,793
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 276,470 -- 1,908,150 1,742,288
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 18,965 -- 9,497,067 6,642,815
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 295,435 -- 11,405,217 8,385,103
=========== =========== =========== ===========
</TABLE>
20
<PAGE> 20
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
FIDCAPINC FIDCONTR
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 53,329 62,143 -- --
Mortality and expense charges (note 2) ....... -- (2,324) -- (450,698)
Administration charge (note 2):
Tier I ................................ -- (730) -- (255,752)
Tier II ............................... -- (237) -- (64,735)
Tier III .............................. -- (298) -- (26,384)
Tier IV ............................... -- (63) -- (8,436)
Tier V ................................ -- (169) -- (6,165)
Variable account fee (notes 2 and 5) .......... (5,062) (1,944) (1,790,256) (447,151)
------------ ------------ ------------ ------------
Net investment activity ..................... 48,267 56,378 (1,790,256) (1,259,321)
Proceeds from mutual fund shares sold ......... 146,665 60,274 15,787,591 867,233
Cost of mutual fund shares sold ............... (124,683) (41,671) (8,081,387) (517,520)
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... 21,982 18,603 7,706,204 349,713
Change in unrealized gain (loss) on investments 70,014 29,482 34,124,840 45,109,593
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. 91,996 48,085 41,831,044 45,459,306
------------ ------------ ------------ ------------
Reinvested capital gains ...................... 11,702 -- 3,545,200 381,649
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 151,965 104,463 43,585,988 44,581,634
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. -- -- 39,875,316 41,030,697
Transfers between funds ....................... (25,353) (23,961) (7,036,340) (8,045,028)
Redemptions ................................... (76,555) (30,049) (10,899,654) (8,685,653)
Annual contract maintenance charge (note 2) ... -- -- (158) (12)
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (1,171) (10) 1,317 (789,638)
------------ ------------ ------------ ------------
Net equity transactions ................... (103,079) (54,020) 21,940,481 23,510,366
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 48,886 50,443 65,526,469 68,092,000
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 1,265,240 1,374,317 380,246,330 250,585,641
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 1,314,126 1,424,760 445,772,799 318,677,641
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
FIDEQINC FIDGRINC
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... 2,029,920 2,510,694 97,535 74,013
Mortality and expense charges (note 2) ....... -- (506,185) -- (21,607)
Administration charge (note 2):
Tier I ................................ -- (221,393) -- --
Tier II ............................... -- (76,233) -- --
Tier III .............................. -- (23,869) -- --
Tier IV ............................... -- (11,688) -- --
Tier V ................................ -- (28,770) -- (6,482)
Variable account fee (notes 2 and 5) .......... (1,277,920) (445,388) (72,960) (18,888)
------------ ------------ ------------ ------------
Net investment activity ..................... 752,000 1,197,168 24,575 27,036
Proceeds from mutual fund shares sold ......... 26,140,836 27,185,172 1,783,079 650,876
Cost of mutual fund shares sold ............... (14,855,878) (12,969,708) (1,367,568) (479,396)
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... 11,284,958 14,215,464 415,511 171,480
Change in unrealized gain (loss) on investments 21,255,323 12,964,234 1,105,229 1,791,276
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. 32,540,281 27,179,698 1,520,740 1,962,756
------------ ------------ ------------ ------------
Reinvested capital gains ...................... 4,181,955 3,314,061 -- --
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 37,474,236 31,690,927 1,545,315 1,989,792
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 20,543,230 32,399,501 4,374,477 7,355,346
Transfers between funds ....................... (30,247,319) (3,184,986) (525,048) 511,010
Redemptions ................................... (9,956,903) (34,229,076) (966,007) (475,965)
Annual contract maintenance charge (note 2) ... (73) -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (142) 1,292 71 112
------------ ------------ ------------ ------------
Net equity transactions ................... (19,661,207) (5,013,269) 2,883,493 7,390,503
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 17,813,029 26,677,658 4,428,808 9,380,295
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 312,084,930 294,333,089 21,339,448 8,902,461
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 329,897,959 321,010,747 25,768,256 18,282,756
============ ============ ============ ============
</TABLE>
(Continued)
21
<PAGE> 21
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
FIDMGIN FIDVIPAM
------------------------------ ------------------------------
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 617,722 464,522 1,649 1,218
Mortality and expense charges (note 2) ....... -- (398,587) -- (66)
Administration charge (note 2):
Tier I ................................ -- (202,623) -- (59)
Tier II ............................... -- (44,270) -- --
Tier III .............................. -- (16,514) -- --
Tier IV ............................... -- (6,415) -- --
Tier V ................................ -- (22,365) -- --
Variable account fee (notes 2 and 5) .......... (1,415,823) (365,011) (251) (67)
------------- ------------- ------------- -------------
Net investment activity ..................... (798,101) (591,263) 1,398 1,026
Proceeds from mutual fund shares sold ......... 3,951,612 18,163,752 22 1,506
Cost of mutual fund shares sold ............... (2,301,447) (12,601,990) (18) (1,315)
------------- ------------- ------------- -------------
Realized gain (loss) on investments ......... 1,650,165 5,561,762 4 191
Change in unrealized gain (loss) on investments 22,646,541 28,552,742 (972) (1,483)
------------- ------------- ------------- -------------
Net gain (loss) on investments .............. 24,296,706 34,114,504 (968) (1,292)
------------- ------------- ------------- -------------
Reinvested capital gains ...................... 19,310,530 6,085,232 2,089 3,653
------------- ------------- ------------- -------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 42,809,135 39,608,473 2,519 3,387
------------- ------------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 27,205,499 24,093,780 3,553 4,720
Transfers between funds ....................... 1,836,485 (3,840,341) 2,273 --
Redemptions ................................... (8,873,254) (23,326,653) -- (1,500)
Annual contract maintenance charge (note 2) ... (88) -- -- --
Contingent deferred sales charges (note 2) .... 5 -- -- --
Adjustments to maintain reserves .............. 1,314 162,647 2 (2)
------------- ------------- ------------- -------------
Net equity transactions ................... 20,169,961 (2,910,567) 5,828 3,218
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 62,979,096 36,697,906 8,347 6,605
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 311,429,060 228,989,269 49,356 37,760
------------- ------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 374,408,156 265,687,175 57,703 44,365
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDVIPEI FIDVIPGR
------------------------------ ------------------------------
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... 3,267 2,576 392 694
Mortality and expense charges (note 2) ....... -- (316) -- (240)
Administration charge (note 2):
Tier I ................................ -- (284) -- (216)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (1,070) (311) (1,178) (257)
------------- ------------- ------------- -------------
Net investment activity ..................... 2,197 1,665 (786) (19)
Proceeds from mutual fund shares sold ......... 27,560 27,600 11,334 4,497
Cost of mutual fund shares sold ............... (19,470) (18,091) (5,511) (2,781)
------------- ------------- ------------- -------------
Realized gain (loss) on investments ......... 8,090 9,509 5,823 1,716
Change in unrealized gain (loss) on investments 9,323 (1,311) 2,843 5,853
------------- ------------- ------------- -------------
Net gain (loss) on investments .............. 17,413 8,198 8,666 7,569
------------- ------------- ------------- -------------
Reinvested capital gains ...................... 7,222 9,167 24,632 18,160
------------- ------------- ------------- -------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 26,832 19,030 32,512 25,710
------------- ------------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 14,619 23,197 20,392 17,428
Transfers between funds ....................... (19,925) (9,466) 15,223 --
Redemptions ................................... (29) (1,379) (2,295) (4,000)
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 75 15 2 (2)
------------- ------------- ------------- -------------
Net equity transactions ................... (5,260) 12,367 33,322 13,426
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 21,572 31,397 65,834 39,136
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 216,494 168,954 219,907 133,237
------------- ------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 238,066 200,351 285,741 172,373
============= ============= ============= =============
</TABLE>
22
<PAGE> 22
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
FIDVIPHI FIDVIPOV
-------------------------- ---------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 4,036 3,277 2,118 2,978
Mortality and expense charges (note 2) ....... -- (80) -- (275)
Administration charge (note 2):
Tier I ................................ -- (72) -- (247)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (197) (82) (656) (287)
----------- ----------- ----------- -----------
Net investment activity ..................... 3,839 3,043 1,462 2,169
Proceeds from mutual fund shares sold ......... 17,619 -- 6,480 12,920
Cost of mutual fund shares sold ............... (18,699) -- (5,744) (9,961)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... (1,080) -- 736 2,959
Change in unrealized gain (loss) on investments 439 (3,132) 4,496 9,656
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. (641) (3,132) 5,232 12,615
----------- ----------- ----------- -----------
Reinvested capital gains ...................... 151 2,082 3,416 8,777
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 3,349 1,993 10,110 23,561
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 2,668 5,279 4,838 10,151
Transfers between funds ....................... (17,607) -- (6,027) (11,597)
Redemptions ................................... -- -- -- --
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (1) (1) 1 (23)
----------- ----------- ----------- -----------
Net equity transactions ................... (14,940) 5,278 (1,188) (1,469)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... (11,591) 7,271 8,922 22,092
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 42,986 45,432 136,291 159,596
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 31,395 52,703 145,213 181,688
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
GROFDAM INCFDAM
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- 467,292 427,587
Mortality and expense charges (note 2) ....... -- (24,381) -- (31,811)
Administration charge (note 2):
Tier I ................................ -- (14,294) -- (19,475)
Tier II ............................... -- (3,521) -- (5,215)
Tier III .............................. -- (1,856) -- (1,414)
Tier IV ............................... -- (402) -- (519)
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (93,918) (23,508) (90,068) (30,192)
----------- ----------- ----------- -----------
Net investment activity ..................... (93,918) (67,962) 377,224 338,961
Proceeds from mutual fund shares sold ......... 1,068,115 1,018,613 1,803,112 911,605
Cost of mutual fund shares sold ............... (713,009) (792,798) (1,476,748) (669,732)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... 355,106 225,815 326,364 241,873
Change in unrealized gain (loss) on investments 3,423,974 1,802,969 52,040 529,409
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 3,779,080 2,028,784 378,404 771,282
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 3,685,162 1,960,822 755,628 1,110,243
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 1,572,828 1,407,872 1,705,557 1,827,475
Transfers between funds ....................... 391,953 (179,261) (1,523,067) (637,113)
Redemptions ................................... (646,250) (513,142) (617,316) (570,814)
Annual contract maintenance charge (note 2) ... (8) -- (9) --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 1,409 26 2,561 25
----------- ----------- ----------- -----------
Net equity transactions ................... 1,319,932 715,495 (432,274) 619,573
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 5,005,094 2,676,317 323,354 1,729,816
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 19,249,841 13,592,368 20,515,616 18,355,405
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 24,254,935 16,268,685 20,838,970 20,085,221
=========== =========== =========== ===========
</TABLE>
(Continued)
23
<PAGE> 23
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
INVDYNAM INVINDINC
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- 225,760 297,257
Mortality and expense charges (note 2) ....... -- -- -- (40,935)
Administration charge (note 2):
Tier I ................................ -- -- -- (26,247)
Tier II ............................... -- -- -- (6,522)
Tier III .............................. -- -- -- (1,097)
Tier IV ............................... -- -- -- (717)
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (4,485) -- (127,353) (39,920)
------------ ------------ ------------ ------------
Net investment activity ..................... (4,485) -- 98,407 181,819
Proceeds from mutual fund shares sold ......... 60,739 -- 1,872,495 569,541
Cost of mutual fund shares sold ............... (53,965) -- (1,305,341) (410,295)
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... 6,774 -- 567,154 159,246
Change in unrealized gain (loss) on investments 335,288 -- 2,315,023 1,850,449
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. 342,062 -- 2,882,177 2,009,695
------------ ------------ ------------ ------------
Reinvested capital gains ...................... -- -- -- --
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 337,577 -- 2,980,584 2,191,514
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 871,873 -- 2,478,095 2,880,578
Transfers between funds ....................... 1,914,334 -- (2,111,294) (478,481)
Redemptions ................................... (9,489) -- (947,039) (739,703)
Annual contract maintenance charge (note 2) ... -- -- (28) --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 12 -- 1,320 15
------------ ------------ ------------ ------------
Net equity transactions ................... 2,776,730 -- (578,946) 1,662,409
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 3,114,307 -- 2,401,638 3,853,923
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 57,030 -- 28,222,368 22,890,103
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 3,171,337 -- 30,624,006 26,744,026
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
INVTOTRET JANFUND
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... 10,886 -- -- 255,272
Mortality and expense charges (note 2) ....... -- -- -- (123,418)
Administration charge (note 2):
Tier I ................................ -- -- -- (73,139)
Tier II ............................... -- -- -- (18,968)
Tier III .............................. -- -- -- (5,896)
Tier IV ............................... -- -- -- (3,446)
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (2,672) -- (768,324) (128,520)
------------ ------------ ------------ ------------
Net investment activity ..................... 8,214 -- (768,324) (98,115)
Proceeds from mutual fund shares sold ......... 119,211 -- 23,849,178 954,571
Cost of mutual fund shares sold ............... (117,723) -- (15,513,339) (662,510)
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... 1,488 -- 8,335,839 292,061
Change in unrealized gain (loss) on investments 54,408 -- 21,087,847 14,437,511
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. 55,896 -- 29,423,686 14,729,572
------------ ------------ ------------ ------------
Reinvested capital gains ...................... -- -- -- --
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 64,110 -- 28,655,362 14,631,457
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 323,019 -- 26,554,369 13,227,534
Transfers between funds ....................... 778,988 -- 34,888,155 667,165
Redemptions ................................... (18,373) -- (5,262,165) (2,481,304)
Annual contract maintenance charge (note 2) ... -- -- (192) --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 2 -- (98,581) 245
------------ ------------ ------------ ------------
Net equity transactions ................... 1,083,636 -- 56,081,586 11,413,640
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 1,147,746 -- 84,736,948 26,045,097
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 131,745 -- 131,449,444 65,725,920
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 1,279,491 -- 216,186,392 91,771,017
============ ============ ============ ============
</TABLE>
24
<PAGE> 24
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
JAN20FD JANWRLDWDE
------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- -- 213
Mortality and expense charges (note 2) ....... -- (96) -- (52)
Administration charge (note 2):
Tier I ................................ -- (86) -- (46)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... -- -- (5,849) (187)
----------- ----------- ----------- -----------
Net investment activity ..................... -- (182) (5,849) (72)
Proceeds from mutual fund shares sold ......... -- 234,631 107,236 162,752
Cost of mutual fund shares sold ............... -- (218,097) (100,193) (153,231)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... -- 16,534 7,043 9,521
Change in unrealized gain (loss) on investments -- 1,871 144,323 10,822
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. -- 18,405 151,366 20,343
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ -- 18,223 145,517 20,271
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. -- 66,106 145,261 1,000,352
Transfers between funds ....................... -- 112,713 (53,163) 49,831
Redemptions ................................... -- (213,496) (3,481) (122,902)
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. -- (1) 23 8
----------- ----------- ----------- -----------
Net equity transactions ................... -- (34,678) 88,640 927,289
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... -- (16,455) 234,157 947,560
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... -- 16,455 1,155,624 --
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ -- -- 1,389,781 947,560
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
MASFIP MFSGRSTK
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... 96,342 51,876 -- --
Mortality and expense charges (note 2) ....... -- (5,269) -- (13,218)
Administration charge (note 2):
Tier I ................................ -- (2,984) -- (3,786)
Tier II ............................... -- (671) -- (577)
Tier III .............................. -- (494) -- (217)
Tier IV ............................... -- (117) -- (3)
Tier V ................................ -- -- -- (2,376)
Variable account fee (notes 2 and 5) .......... (28,880) (5,460) (41,208) (10,958)
----------- ----------- ----------- -----------
Net investment activity ..................... 67,462 36,881 (41,208) (31,135)
Proceeds from mutual fund shares sold ......... 2,709,400 556,513 243,006 342,060
Cost of mutual fund shares sold ............... (2,817,042) (545,507) (166,410) (277,128)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... (107,642) 11,006 76,596 64,932
Change in unrealized gain (loss) on investments (73,927) 43,841 1,199,802 1,668,231
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. (181,569) 54,847 1,276,398 1,733,163
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ (114,107) 91,728 1,235,190 1,702,028
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 983,611 815,585 227,504 240,317
Transfers between funds ....................... 184,934 306,337 56,179 48,859
Redemptions ................................... (223,113) (131,299) (228,648) (290,837)
Annual contract maintenance charge (note 2) ... (4) -- (276) (312)
Contingent deferred sales charges (note 2) .... -- -- (21) (44)
Adjustments to maintain reserves .............. (363) (28) 68 66
----------- ----------- ----------- -----------
Net equity transactions ................... 945,065 990,595 54,806 (1,951)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 830,958 1,082,323 1,289,996 1,700,077
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 6,046,920 2,659,273 10,458,588 7,205,011
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 6,877,878 3,741,596 11,748,584 8,905,088
=========== =========== =========== ===========
</TABLE>
(Continued)
25
<PAGE> 25
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
MFSGROPP MFSHIINC
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- 235,117 209,118
Mortality and expense charges (note 2) ........ -- (50,612) -- (7,916)
Administration charge (note 2):
Tier I ................................ -- (7,564) -- (768)
Tier II ............................... -- (4,456) -- (201)
Tier III .............................. -- (2,056) -- (148)
Tier IV ............................... -- (38) -- --
Tier V ................................ -- (9,935) -- (1,969)
Variable account fee (notes 2 and 5) .......... (123,876) (39,975) (17,882) (6,580)
------------ ------------ ------------ ------------
Net investment activity ..................... (123,876) (114,636) 217,235 191,536
Proceeds from mutual fund shares sold ......... 2,888,560 2,320,375 6,353,853 5,517,399
Cost of mutual fund shares sold ............... (2,091,042) (1,554,831) (6,593,992) (5,284,261)
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... 797,518 765,544 (240,139) 233,138
Change in unrealized gain (loss) on investments 1,211,575 4,690,002 269,548 (172,532)
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. 2,009,093 5,455,546 29,409 60,606
------------ ------------ ------------ ------------
Reinvested capital gains ...................... 898,834 353,021 -- --
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 2,784,051 5,693,931 246,644 252,142
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 1,081,252 1,888,919 389,678 1,690,561
Transfers between funds ....................... (1,428,535) 533,671 (577,936) 320,192
Redemptions ................................... (1,397,006) (1,186,158) (263,752) (357,863)
Annual contract maintenance charge (note 2) ... (3) -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 165 (158,209) 2,083 2,552
------------ ------------ ------------ ------------
Net equity transactions ................... (1,744,127) 1,078,223 (449,927) 1,655,442
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 1,039,924 6,772,154 (203,283) 1,907,584
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 35,666,943 27,826,901 5,341,007 3,923,071
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 36,706,867 34,599,055 5,137,724 5,830,655
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
MSIEQGROB NAATAGGR
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- 2,253 507
Mortality and expense charges (note 2) ........ -- -- -- (1,215)
Administration charge (note 2):
Tier I ................................ -- -- -- (890)
Tier II ............................... -- -- -- (141)
Tier III .............................. -- -- -- (25)
Tier IV ............................... -- -- -- (3)
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (1,402) -- (10,195) (2,897)
------------ ------------ ------------ ------------
Net investment activity ..................... (1,402) -- (7,942) (4,664)
Proceeds from mutual fund shares sold ......... 98,095 -- 847,559 112,096
Cost of mutual fund shares sold ............... (88,253) -- (831,359) (99,890)
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... 9,842 -- 16,200 12,206
Change in unrealized gain (loss) on investments 53,704 -- 134,132 93,123
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. 63,546 -- 150,332 105,329
------------ ------------ ------------ ------------
Reinvested capital gains ...................... -- -- 126,723 --
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 62,144 -- 269,113 100,665
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 141,370 -- 1,117,452 882,226
Transfers between funds ....................... 274,677 -- (806,922) 1,346,663
Redemptions ................................... (11,595) -- (109,502) (48,355)
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (55) -- 503 40
------------ ------------ ------------ ------------
Net equity transactions ................... 404,397 -- 201,531 2,180,574
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 466,541 -- 470,644 2,281,239
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 97,901 -- 3,069,335 --
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 564,442 -- 3,539,979 2,281,239
============ ============ ============ ============
</TABLE>
26
<PAGE> 26
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NAATCONS NAATMOD
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 13,096 1,190 12,671 210
Mortality and expense charges (note 2) ....... -- (201) -- (108)
Administration charge (note 2):
Tier I ................................ -- (28) -- (62)
Tier II ............................... -- (2) -- (17)
Tier III .............................. -- (100) -- (7)
Tier IV ............................... -- -- -- (3)
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (3,642) (422) (7,750) (568)
----------- ----------- ----------- -----------
Net investment activity ..................... 9,454 437 4,921 (555)
Proceeds from mutual fund shares sold ......... 401,197 405,364 588,166 117,579
Cost of mutual fund shares sold ............... (386,900) (400,276) (552,255) (116,248)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... 14,297 5,088 35,911 1,331
Change in unrealized gain (loss) on investments (69) 3,387 78,495 4,042
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 14,228 8,475 114,406 5,373
----------- ----------- ----------- -----------
Reinvested capital gains ...................... 10,727 -- 38,471 --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 34,409 8,912 157,798 4,818
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 327,894 95,135 711,288 366,158
Transfers between funds ....................... 661,013 167,545 275,978 130,659
Redemptions ................................... (69,669) (53,939) (161,313) (70,594)
Annual contract maintenance charge (note 2) ... -- -- (1) --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (38) (3) 212 (13)
----------- ----------- ----------- -----------
Net equity transactions ................... 919,200 208,738 826,164 426,210
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 953,609 217,650 983,962 431,028
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 594,487 -- 1,770,263 --
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 1,548,096 217,650 2,754,225 431,028
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
NAATMODAGG NAATMODCON
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... 7,907 914 9,792 390
Mortality and expense charges (note 2) ....... -- (455) -- (73)
Administration charge (note 2):
Tier I ................................ -- (270) -- (15)
Tier II ............................... -- (61) -- (1)
Tier III .............................. -- (42) -- (33)
Tier IV ............................... -- (3) -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (6,066) (1,213) (3,124) (366)
----------- ----------- ----------- -----------
Net investment activity ..................... 1,841 (1,130) 6,668 (98)
Proceeds from mutual fund shares sold ......... 552,582 120,024 244,138 24,897
Cost of mutual fund shares sold ............... (535,459) (113,081) (234,322) (24,501)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... 17,123 6,943 9,816 396
Change in unrealized gain (loss) on investments 82,392 19,522 16,269 5,370
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 99,515 26,465 26,085 5,766
----------- ----------- ----------- -----------
Reinvested capital gains ...................... 53,998 -- 14,911 --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 155,354 25,335 47,664 5,668
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 1,190,903 503,721 237,481 210,629
Transfers between funds ....................... (187,482) 419,257 33,990 84,376
Redemptions ................................... (313,178) (50,226) (27,715) (439)
Annual contract maintenance charge (note 2) ... (2) -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 281 (4) 171 1
----------- ----------- ----------- -----------
Net equity transactions ................... 690,522 872,748 243,927 294,567
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 845,876 898,083 291,591 300,235
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 1,576,167 -- 875,474 --
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 2,422,043 898,083 1,167,065 300,235
=========== =========== =========== ===========
</TABLE>
(Continued)
27
<PAGE> 27
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NWBDFD NWFUND
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 8,024 3,170 706,718 592,990
Mortality and expense charges (note 2) ....... -- (177) -- (162,460)
Administration charge (note 2):
Tier I ................................ -- -- -- (71,265)
Tier II ............................... -- -- -- (20,611)
Tier III .............................. -- -- -- (8,929)
Tier IV ............................... -- -- -- (2,770)
Tier V ................................ -- (53) -- (10,712)
Variable account fee (notes 2 and 5) .......... (1,131) (112) (647,115) (178,883)
------------ ------------ ------------ ------------
Net investment activity ..................... 6,893 2,828 59,603 137,360
Proceeds from mutual fund shares sold ......... 21,831 18,207 18,408,951 2,093,847
Cost of mutual fund shares sold ............... (20,853) (17,677) (8,806,154) (1,138,329)
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... 978 530 9,602,797 955,518
Change in unrealized gain (loss) on investments (15,763) 784 3,624,109 14,351,965
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. (14,785) 1,314 13,226,906 15,307,483
------------ ------------ ------------ ------------
Reinvested capital gains ...................... -- -- -- 4,650,572
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ (7,892) 4,142 13,286,509 20,095,415
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 16,717 7,259 31,565,254 28,814,704
Transfers between funds ....................... (8,404) (18,700) (25,370,461) 17,828,623
Redemptions ................................... (3,167) -- (7,035,509) (4,904,693)
Annual contract maintenance charge (note 2) ... -- -- (602) (673)
Contingent deferred sales charges (note 2) .... -- -- (209) (808)
Adjustments to maintain reserves .............. 82 (4) 19,282 (337)
------------ ------------ ------------ ------------
Net equity transactions ................... 5,228 (11,445) (822,245) 41,736,816
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... (2,664) (7,303) 12,464,264 61,832,231
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 274,143 111,736 188,973,280 75,327,367
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 271,479 104,433 201,437,544 137,159,598
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
NWGROFD NWMYMKT
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- 14,337 1,817,088 1,582,572
Mortality and expense charges (note 2) ....... -- (18,865) -- (103,945)
Administration charge (note 2):
Tier I ................................ -- (6,715) -- (33,864)
Tier II ............................... -- (2,143) -- (27,756)
Tier III .............................. -- (475) -- (3,371)
Tier IV ............................... -- (992) -- (2,320)
Tier V ................................ -- (1,636) -- (6,062)
Variable account fee (notes 2 and 5) .......... (54,811) (17,172) (278,141) (90,436)
------------ ------------ ------------ ------------
Net investment activity ..................... (54,811) (33,661) 1,538,947 1,314,818
Proceeds from mutual fund shares sold ......... 1,365,040 1,227,062 95,559,053 41,882,100
Cost of mutual fund shares sold ............... (884,439) (823,993) (95,559,053) (41,882,100)
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... 480,601 403,069 -- --
Change in unrealized gain (loss) on investments 893,919 1,118,158 -- --
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. 1,374,520 1,521,227 -- --
------------ ------------ ------------ ------------
Reinvested capital gains ...................... -- 442,353 -- --
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 1,319,709 1,929,919 1,538,947 1,314,818
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 1,088,082 1,527,618 8,423,927 7,333,537
Transfers between funds ....................... (534,762) 401,471 33,438,915 8,831,098
Redemptions ................................... (626,049) (410,018) (8,022,889) (5,918,221)
Annual contract maintenance charge (note 2) ... (20) -- (6) (14)
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (51) 15 136,089 19,901
------------ ------------ ------------ ------------
Net equity transactions ................... (72,800) 1,519,086 33,976,036 10,266,301
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 1,246,909 3,449,005 35,514,983 11,581,119
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 13,756,598 9,970,932 70,669,459 56,626,599
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 15,003,507 13,419,937 106,184,442 68,207,718
============ ============ ============ ============
</TABLE>
28
<PAGE> 28
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NWINDXFDY NSATGVTBD
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 16,111 -- 535 462
Mortality and expense charges (note 2) ....... -- -- -- (25)
Administration charge (note 2):
Tier I ................................ -- -- -- (23)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (11,712) -- (93) (26)
----------- ----------- ----------- -----------
Net investment activity ..................... 4,399 -- 442 388
Proceeds from mutual fund shares sold ......... 946,070 -- -- 98
Cost of mutual fund shares sold ............... (882,099) -- -- (91)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... 63,971 -- -- 7
Change in unrealized gain (loss) on investments 280,774 -- (968) 151
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 344,745 -- (968) 158
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 349,144 -- (526) 546
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 1,625,045 -- 1,288 1,788
Transfers between funds ....................... 2,696,630 -- -- --
Redemptions ................................... (77,846) -- -- (188)
Annual contract maintenance charge (note 2) ... -- -- (12) (12)
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 8 -- (2) (2)
----------- ----------- ----------- -----------
Net equity transactions ................... 4,243,837 -- 1,274 1,586
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 4,592,981 -- 748 2,132
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 602,634 -- 19,439 14,781
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 5,195,615 -- 20,187 16,913
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
NSATMYMKT NSATSMCO
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... 1,981 417 -- --
Mortality and expense charges (note 2) ....... -- (25) -- (1,113)
Administration charge (note 2):
Tier I ................................ -- (22) -- (458)
Tier II ............................... -- -- -- (337)
Tier III .............................. -- -- -- (85)
Tier IV ............................... -- -- -- (17)
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (412) (30) (11,369) (2,651)
----------- ----------- ----------- -----------
Net investment activity ..................... 1,569 340 (11,369) (4,661)
Proceeds from mutual fund shares sold ......... 253 1,505 2,538,112 611,967
Cost of mutual fund shares sold ............... (253) (1,505) (2,353,210) (575,974)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... -- -- 184,902 35,993
Change in unrealized gain (loss) on investments -- -- 54,153 (29,947)
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. -- -- 239,055 6,046
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 1,569 340 227,686 1,385
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 4,631 4,578 724,852 799,597
Transfers between funds ....................... 33,546 6,605 (745,310) 1,265,078
Redemptions ................................... -- -- (77,181) (46,403)
Annual contract maintenance charge (note 2) ... -- -- (5) --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 3 5 5,361 (19)
----------- ----------- ----------- -----------
Net equity transactions ................... 38,180 11,188 (92,283) 2,018,253
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 39,749 11,528 135,403 2,019,638
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 76,159 8,353 3,538,333 --
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 115,908 19,881 3,673,736 2,019,638
=========== =========== =========== ===========
</TABLE>
(Continued)
29
<PAGE> 29
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NSATTOTRE NBAMTGRO
---------------------- ----------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 608 755 -- --
Mortality and expense charges (note 2) ....... -- (226) -- (46)
Administration charge (note 2):
Tier I ................................ -- (203) -- (42)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (728) (230) (172) (43)
--------- --------- --------- ---------
Net investment activity ..................... (120) 96 (172) (131)
Proceeds from mutual fund shares sold ......... 7,832 6,141 -- 6,816
Cost of mutual fund shares sold ............... (4,431) (3,356) -- (6,764)
--------- --------- --------- ---------
Realized gain (loss) on investments ......... 3,401 2,785 -- 52
Change in unrealized gain (loss) on investments 11,949 15,651 (636) (3,297)
--------- --------- --------- ---------
Net gain (loss) on investments .............. 15,350 18,436 (636) (3,245)
--------- --------- --------- ---------
Reinvested capital gains ...................... 70 -- 1,957 7,561
--------- --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 15,300 18,532 1,149 4,185
--------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 7,362 4,807 4,856 4,912
Transfers between funds ....................... (5,136) -- -- --
Redemptions ................................... -- (6,139) -- (7,208)
Annual contract maintenance charge (note 2) ... (11) (11) -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 1 1 1 (1)
--------- --------- --------- ---------
Net equity transactions ................... 2,216 (1,342) 4,857 (2,297)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 17,516 17,190 6,006 1,888
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 147,600 129,271 35,004 28,237
--------- --------- --------- ---------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 165,116 146,461 41,010 30,125
========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
NBAMTLMAT NBAMTPART
---------------------- ----------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... 639 554 757 142
Mortality and expense charges (note 2) ....... -- (15) -- (63)
Administration charge (note 2):
Tier I ................................ -- (13) -- (56)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (55) (15) (308) (75)
--------- --------- --------- ---------
Net investment activity ..................... 584 511 449 (52)
Proceeds from mutual fund shares sold ......... -- -- 11,024 1,403
Cost of mutual fund shares sold ............... -- -- (6,721) (647)
--------- --------- --------- ---------
Realized gain (loss) on investments ......... -- -- 4,303 756
Change in unrealized gain (loss) on investments (602) (332) 1,632 (3,371)
--------- --------- --------- ---------
Net gain (loss) on investments .............. (602) (332) 5,935 (2,615)
--------- --------- --------- ---------
Reinvested capital gains ...................... -- -- 1,317 4,468
--------- --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ........ (18) 179 7,701 1,801
--------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 1,238 1,187 11,033 15,565
Transfers between funds ....................... -- -- (6,328) 3,872
Redemptions ................................... -- -- (4,556) (1,397)
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. -- -- (18) 1
--------- --------- --------- ---------
Net equity transactions ................... 1,238 1,187 131 18,041
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 1,220 1,366 7,832 19,842
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 11,132 8,440 63,666 29,431
--------- --------- --------- ---------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 12,352 9,806 71,498 49,273
========= ========= ========= =========
</TABLE>
30
<PAGE> 30
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NBGUARD NBMANHFD
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 4,637 3,804 -- --
Mortality and expense charges (note 2) ........ -- (1,980) -- (217)
Administration charge (note 2):
Tier I ................................ -- (393) -- (195)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- (463) -- --
Variable account fee (notes 2 and 5) .......... (4,392) (1,896) (1,171) (219)
----------- ----------- ----------- -----------
Net investment activity ..................... 245 (928) (1,171) (631)
Proceeds from mutual fund shares sold ......... 644,947 384,006 16,037 1,936
Cost of mutual fund shares sold ............... (629,853) (371,767) (18,129) (1,928)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... 15,094 12,239 (2,092) 8
Change in unrealized gain (loss) on investments 179,574 120,094 9,805 19,776
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 194,668 132,333 7,713 19,784
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 194,913 131,405 6,542 19,153
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 212,647 923,010 4,107 3,272
Transfers between funds ....................... (339,909) (171,507) 260 (255)
Redemptions ................................... (53,014) (74,347) (1,678) (1,799)
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- 4 --
Adjustments to maintain reserves .............. 10 (23) 1 (1)
----------- ----------- ----------- -----------
Net equity transactions ................... (180,266) 677,133 2,694 1,217
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 14,647 808,538 9,236 20,370
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 1,503,941 984,329 257,916 124,816
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 1,518,588 1,792,867 267,152 145,186
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
NBPARTFD NBGUARDTR
------------------------- -------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- -- --
Mortality and expense charges (note 2) ........ -- (1,836) -- (28)
Administration charge (note 2):
Tier I ................................ -- (1,652) -- (25)
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... -- -- -- --
----------- ----------- ----------- -----------
Net investment activity ..................... -- (3,488) -- (53)
Proceeds from mutual fund shares sold ......... -- 2,754,448 -- 68,479
Cost of mutual fund shares sold ............... -- (2,803,651) -- (63,557)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... -- (49,203) -- 4,922
Change in unrealized gain (loss) on investments -- 210,691 -- --
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. -- 161,488 -- 4,922
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ -- 158,000 -- 4,869
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. -- 363,321 -- 33,268
Transfers between funds ....................... -- 245,865 -- 27,513
Redemptions ................................... -- (2,766,371) -- (65,651)
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. -- 41 -- 1
----------- ----------- ----------- -----------
Net equity transactions ................... -- (2,157,144) -- (4,869)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... -- (1,999,144) -- --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... -- 1,999,144 -- --
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... -- -- -- --
=========== =========== =========== ===========
</TABLE>
(Continued)
31
<PAGE> 31
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NBPARTTR PRBALY
---------------------- ----------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- 3,162 --
Mortality and expense charges (note 2) ........ -- -- -- --
Administration charge (note 2):
Tier I ................................ -- -- -- --
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (378) -- (725) --
--------- --------- --------- ---------
Net investment activity ..................... (378) -- 2,437 --
Proceeds from mutual fund shares sold ......... 82,121 -- 13,133 --
Cost of mutual fund shares sold ............... (73,743) -- (12,432) --
--------- --------- --------- ---------
Realized gain (loss) on investments ......... 8,378 -- 701 --
Change in unrealized gain (loss) on investments 4,568 -- 10,230 --
--------- --------- --------- ---------
Net gain (loss) on investments .............. 12,946 -- 10,931 --
--------- --------- --------- ---------
Reinvested capital gains ...................... -- -- -- --
--------- --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 12,568 -- 13,368 --
--------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 22,875 -- 59,970 --
Transfers between funds ....................... 119,993 -- 222,372 --
Redemptions ................................... (3,252) -- (2,651) --
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (15) -- (2) --
--------- --------- --------- ---------
Net equity transactions ................... 139,601 -- 279,689 --
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 152,169 -- 293,057 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 46,843 -- 55,224 --
--------- --------- --------- ---------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 199,012 -- 348,281 --
========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
PRINTY PRLGCAPGRY
---------------------- ----------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... 895 -- -- --
Mortality and expense charges (note 2) ........ -- -- -- --
Administration charge (note 2):
Tier I ................................ -- -- -- --
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (311) -- (1,382) --
--------- --------- --------- ---------
Net investment activity ..................... 584 -- (1,382) --
Proceeds from mutual fund shares sold ......... 91,299 -- 66,106 --
Cost of mutual fund shares sold ............... (89,061) -- (57,897) --
--------- --------- --------- ---------
Realized gain (loss) on investments ......... 2,238 -- 8,209 --
Change in unrealized gain (loss) on investments 2,060 -- 50,996 --
--------- --------- --------- ---------
Net gain (loss) on investments .............. 4,298 -- 59,205 --
--------- --------- --------- ---------
Reinvested capital gains ...................... -- -- -- --
--------- --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 4,882 -- 57,823 --
--------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 46,590 -- 338,010 --
Transfers between funds ....................... 76,278 -- 452,121 --
Redemptions ................................... (659) -- (2,611) --
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (5) -- 735 --
--------- --------- --------- ---------
Net equity transactions ................... 122,204 -- 788,255 --
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 127,086 -- 846,078 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 19,018 -- 64,224 --
--------- --------- --------- ---------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 146,104 -- 910,302 --
========= ========= ========= =========
</TABLE>
32
<PAGE> 32
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
PRLGCPVALY PRSMCAPY
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ 307 -- 767 --
Mortality and expense charges (note 2) ....... -- -- -- --
Administration charge (note 2):
Tier I ................................ -- -- -- --
Tier II ............................... -- -- -- --
Tier III .............................. -- -- -- --
Tier IV ............................... -- -- -- --
Tier V ................................ -- -- -- --
Variable account fee (notes 2 and 5) .......... (212) -- (997) --
----------- ----------- ----------- -----------
Net investment activity ..................... 95 -- (230) --
Proceeds from mutual fund shares sold ......... 66,823 -- 404,799 --
Cost of mutual fund shares sold ............... (62,336) -- (403,329) --
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... 4,487 -- 1,470 --
Change in unrealized gain (loss) on investments 5,963 -- 33,211 --
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 10,450 -- 34,681 --
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 10,545 -- 34,451 --
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 54,214 -- 193,477 --
Transfers between funds ....................... 105,204 -- 194,192 --
Redemptions ................................... (321) -- (144) --
Annual contract maintenance charge (note 2) ... -- -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. (5) -- (417) --
----------- ----------- ----------- -----------
Net equity transactions ................... 159,092 -- 387,108 --
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 169,637 -- 421,559 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 10,404 -- 40,253 --
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 180,041 -- 461,812 --
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
OPPGLOB PUTINVFD
-------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- -- --
Mortality and expense charges (note 2) ....... -- -- -- (85,320)
Administration charge (note 2):
Tier I ................................ -- -- -- (14,831)
Tier II ............................... -- -- -- (3,668)
Tier III .............................. -- -- -- (942)
Tier IV ............................... -- -- -- (62)
Tier V ................................ -- -- -- (18,760)
Variable account fee (notes 2 and 5) .......... (3,058) -- (278,131) (71,525)
----------- ----------- ----------- -----------
Net investment activity ..................... (3,058) -- (278,131) (195,108)
Proceeds from mutual fund shares sold ......... 356,850 -- 5,717,345 3,104,299
Cost of mutual fund shares sold ............... (338,382) -- (2,947,267) (2,135,394)
----------- ----------- ----------- -----------
Realized gain (loss) on investments ......... 18,468 -- 2,770,078 968,905
Change in unrealized gain (loss) on investments 114,241 -- 4,879,109 10,120,730
----------- ----------- ----------- -----------
Net gain (loss) on investments .............. 132,709 -- 7,649,187 11,089,635
----------- ----------- ----------- -----------
Reinvested capital gains ...................... -- -- -- --
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 129,651 -- 7,371,056 10,894,527
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 296,714 -- 8,334,445 7,597,566
Transfers between funds ....................... 845,736 -- 940,016 1,141,288
Redemptions ................................... (330) -- (3,915,610) (1,427,479)
Annual contract maintenance charge (note 2) ... -- -- (501) (568)
Contingent deferred sales charges (note 2) .... -- -- (137) (41)
Adjustments to maintain reserves .............. (38) -- 301 (165)
----------- ----------- ----------- -----------
Net equity transactions ................... 1,142,082 -- 5,358,514 7,310,601
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 1,271,733 -- 12,729,570 18,205,128
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 139,308 -- 74,110,450 44,983,644
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 1,411,041 -- 86,840,020 63,188,772
=========== =========== =========== ===========
</TABLE>
(Continued)
33
<PAGE> 33
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
PUTVOYFD SEI500IX
------------------------------ -------------------------------
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- 244,549 135,985
Mortality and expense charges (note 2) ....... -- (252,564) -- (37,050)
Administration charge (note 2):
Tier I ................................ -- (140,670) -- (936)
Tier II ............................... -- (37,138) -- (341)
Tier III .............................. -- (13,406) -- --
Tier IV ............................... -- (6,144) -- --
Tier V ................................ -- (3,642) -- (10,675)
Variable account fee (notes 2 and 5) .......... (956,510) (251,388) (158,223) (33,530)
------------- ------------- ------------- -------------
Net investment activity ..................... (956,510) (704,952) 86,326 53,453
Proceeds from mutual fund shares sold ......... 4,495,020 985,637 4,918,416 2,483,805
Cost of mutual fund shares sold ............... (2,197,858) (582,921) (3,568,793) (1,788,257)
------------- ------------- ------------- -------------
Realized gain (loss) on investments ......... 2,297,162 402,716 1,349,623 695,548
Change in unrealized gain (loss) on investments 27,740,301 23,976,415 4,351,535 2,995,302
------------- ------------- ------------- -------------
Net gain (loss) on investments .............. 30,037,463 24,379,131 5,701,158 3,690,850
------------- ------------- ------------- -------------
Reinvested capital gains ...................... -- -- -- --
------------- ------------- ------------- -------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 29,080,953 23,674,179 5,787,484 3,744,303
------------- ------------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 22,888,168 24,609,374 12,261,318 13,432,936
Transfers between funds ....................... (10,019,948) (420,532) 1,930,607 1,261,129
Redemptions ................................... (6,915,952) (4,912,419) (3,602,699) (1,572,380)
Annual contract maintenance charge (note 2) ... (115) -- -- --
Contingent deferred sales charges (note 2) .... 4 -- -- --
Adjustments to maintain reserves .............. 927 6,352 124 (688)
------------- ------------- ------------- -------------
Net equity transactions ................... 5,953,084 19,282,775 10,589,350 13,120,997
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 35,034,037 42,956,954 16,376,834 16,865,300
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 208,797,858 137,879,063 42,273,711 15,258,034
------------- ------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 243,831,895 180,836,017 58,650,545 32,123,334
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
SELGROFD TRINTSTK
------------------------------ ------------------------------
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- -- -- --
Mortality and expense charges (note 2) ....... -- (5,110) -- (52,439)
Administration charge (note 2):
Tier I ................................ -- (1,877) -- (21,726)
Tier II ............................... -- (192) -- (5,357)
Tier III .............................. -- (122) -- (1,917)
Tier IV ............................... -- (6) -- (951)
Tier V ................................ -- (770) -- (4,810)
Variable account fee (notes 2 and 5) .......... (14,396) (4,298) (146,907) (45,370)
------------- ------------- ------------- -------------
Net investment activity ..................... (14,396) (12,375) (146,907) (132,570)
Proceeds from mutual fund shares sold ......... 96,242 150,694 26,535,834 14,056,952
Cost of mutual fund shares sold ............... (65,745) (114,755) (25,422,191) (12,761,020)
------------- ------------- ------------- -------------
Realized gain (loss) on investments ......... 30,497 35,939 1,113,643 1,295,932
Change in unrealized gain (loss) on investments 325,929 539,689 575,167 2,706,941
------------- ------------- ------------- -------------
Net gain (loss) on investments .............. 356,426 575,628 1,688,810 4,002,873
------------- ------------- ------------- -------------
Reinvested capital gains ...................... -- -- -- --
------------- ------------- ------------- -------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 342,030 563,253 1,541,903 3,870,303
------------- ------------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 63,672 74,098 3,670,647 4,246,936
Transfers between funds ....................... (48,278) (87,334) (2,221,064) (3,167,815)
Redemptions ................................... (48,976) (63,350) (1,181,241) (1,371,744)
Annual contract maintenance charge (note 2) ... (186) (190) (25) --
Contingent deferred sales charges (note 2) .... (15) -- -- --
Adjustments to maintain reserves .............. 47 (14) 967 5,132
------------- ------------- ------------- -------------
Net equity transactions ................... (33,736) (76,790) 269,284 (287,491)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 308,294 486,463 1,811,187 3,582,812
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 3,659,593 2,853,544 36,489,979 30,214,234
------------- ------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 3,967,887 3,340,007 38,301,166 33,797,046
============= ============= ============= =============
</TABLE>
34
<PAGE> 34
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
TEMFORFD TEMGLSMCO
---------------------------- ----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... $ -- -- -- --
Mortality and expense charges (note 2) ....... -- (132,310) -- (201)
Administration charge (note 2):
Tier I ................................ -- (77,451) -- 393
Tier II ............................... -- (22,334) -- --
Tier III .............................. -- (5,316) -- --
Tier IV ............................... -- (2,176) -- --
Tier V ................................ -- (1,211) -- (191)
Variable account fee (notes 2 and 5) .......... (220,621) (115,766) -- --
------------ ------------ ------------ ------------
Net investment activity ..................... (220,621) (356,564) -- 1
Proceeds from mutual fund shares sold ......... 25,751,409 12,321,566 -- --
Cost of mutual fund shares sold ............... (27,552,274) (10,585,319) -- --
------------ ------------ ------------ ------------
Realized gain (loss) on investments ......... (1,800,865) 1,736,247 -- --
Change in unrealized gain (loss) on investments 14,668,186 447,589 -- --
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. 12,867,321 2,183,836 -- --
------------ ------------ ------------ ------------
Reinvested capital gains ...................... -- -- -- --
------------ ------------ ------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 12,646,700 1,827,272 -- 1
------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 5,126,153 8,876,643 -- --
Transfers between funds ....................... (8,361,685) (10,907,468) -- --
Redemptions ................................... (1,717,062) (5,776,034) -- --
Annual contract maintenance charge (note 2) ... (40) -- -- --
Contingent deferred sales charges (note 2) .... -- -- -- --
Adjustments to maintain reserves .............. 6,303 (85) -- (1)
------------ ------------ ------------ ------------
Net equity transactions ................... (4,946,331) (7,806,944) -- (1)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 7,700,369 (5,979,672) -- --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 62,795,999 80,718,997 -- --
------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... $ 70,496,368 74,739,325 -- --
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
WPEMGRO
----------------------------
1999 1998
------------ ------------
<S> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .......................... -- --
Mortality and expense charges (note 2) ....... -- (10)
Administration charge (note 2):
Tier I ................................ -- (9)
Tier II ............................... -- --
Tier III .............................. -- --
Tier IV ............................... -- --
Tier V ................................ -- --
Variable account fee (notes 2 and 5) .......... (668) --
------------ ------------
Net investment activity ..................... (668) (19)
Proceeds from mutual fund shares sold ......... 103,332 43,768
Cost of mutual fund shares sold ............... (99,749) (41,948)
------------ ------------
Realized gain (loss) on investments ......... 3,583 1,820
Change in unrealized gain (loss) on investments 31,328 (10)
------------ ------------
Net gain (loss) on investments .............. 34,911 1,810
------------ ------------
Reinvested capital gains ...................... -- --
------------ ------------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 34,243 1,791
------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 109,132 1,322
Transfers between funds ....................... 242,920 40,644
Redemptions ................................... (6,840) (43,768)
Annual contract maintenance charge (note 2) ... -- --
Contingent deferred sales charges (note 2) .... -- --
Adjustments to maintain reserves .............. (77) 11
------------ ------------
Net equity transactions ................... 345,135 (1,791)
NET CHANGE IN CONTRACT OWNERS' EQUITY ........... 379,378 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ..... 58,237 --
------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD ........... 437,615 --
============ ============
</TABLE>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
35
<PAGE> 35
- --------------------------------------------------------------------------------
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
June 30, 1999 and 1998
(UNAUDITED)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Organization and Nature of Operations
Nationwide DC Variable Account (the Account) was established by
resolution of the Board of Directors of Nationwide Life Insurance
Company (the Company) on July 10, 1974. The Account has been registered
as a unit investment trust under the Investment Company Act of 1940.
The Company offers group flexible fund retirement contracts through the
Account. The primary distribution for the contracts is through an
affiliated sales organization; however, other distributors may be
utilized.
(b) The Contracts
Participants in group flexible fund contracts may be invested in any of
the following funds:
AIM Equity Funds, Inc. - AIM Constellation Fund - Institutional
Class (AIMCon)
AIM Equity Funds, Inc. - AIM Weingarten Fund - Institutional Class
(AIMWein)
American Century: Income & Growth Fund (ACIncGro)
American Century: Twentieth Century Growth Fund (ACTCGro)
American Century: Twentieth Century International Discovery Fund
(ACTCIntDis)
American Century: Twentieth Century Select Fund (ACTCSel)
American Century: Twentieth Century Ultra Fund (ACTCUltra)
The Bond Fund of America(SM), Inc. (BdFdAm)
(not available for contracts issued on or after January 1, 1994)
Davis New York Venture Fund, Inc. - Class A (DNYVenFd)
Delaware Group Decatur Fund, Inc. - Decatur Income Fund
Institutional Class (DeDecInc)
(not available for contracts issued on or after August 1, 1993)
Dreyfus Appreciation Fund, Inc. (DryApp)
Dreyfus Cash Management - Class A (DryCsMgt)
Dreyfus Premier Midcap Stock - Class A (DryPreMCap)
Dreyfus S&P 500 Index Fund (Dry500Ix)
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
Evergreen Income and Growth Fund - Class Y (EvIncGro)
Federated Investment Series Funds, Inc. - Federated Bond Fund -
Class F (FedBdFd)
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares (FedUSGvt)
Fidelity Advisor Growth Opportunities Fund - Class A (FAGrOppA)
Fidelity Advisors High Yield Fund - Class T (FAHiYld)
Fidelity Asset Manager(TM) (FidAsMgr)
36
<PAGE> 36
Fidelity Capital & Income Fund (FidCapInc) (formerly Fidelity High
Income Fund)
(not available for contracts issued on or after January 1, 1987)
Fidelity Contrafund (FidContr) (not available for contracts issued
on or after June 30, 1998)
Fidelity Equity-Income Fund (FidEqInc)
Fidelity Growth & Income Portfolio (FidGrInc)
Fidelity Magellan(R) Fund (FidMgln) (not available for contracts
issued on or after October 1, 1997)
Fidelity OTC Portfolio (FidOTC)
Fidelity Puritan(R) Fund (FidPurtn)
The Growth Fund of America(R), Inc. (GroFdAm)
(not available for contracts issued on or after January 1, 1994)
The Income Fund of America(R), Inc. (IncFdAm)
(not available for contracts issued on or after January 1, 1994)
INVESCO Dynamics Fund, Inc. (InvDynam)
INVESCO Industrial Income Fund, Inc. (InvIndInc)
INVESCO Total Return Fund (InvTotRet)
Janus Fund (JanFund)
Janus Twenty Fund (Jan20Fd)
Janus Worldwide Fund (JanWrldwde)
MAS Funds - Fixed Income Portfolio (MASFIP)
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)
MFS(R) High Income Fund - Class A (MFSHiInc)
Morgan Stanley Institutional Fund, Inc. - Equity Growth Portfolio
- Class B (MSIEqGroB)
Portfolios of the Nationwide Asset Allocation Trust (NAAT)
(managed for a fee by an affiliated investment advisor)
NAAT - The Aggressive Portfolio (NAATAggr)
NAAT - The Conservative Portfolio (NAATCons)
NAAT - The Moderate Portfolio (NAATMod)
NAAT - The Moderately Aggressive Portfolio (NAATModAgg)
NAAT - The Moderately Conservative Portfolio (NAATModCon)
Funds of the Nationwide Investing Foundation II
(managed for a fee by an affiliated investment advisor)
Nationwide(R) Bond Fund - Class D (NWBdFd)
Nationwide(R) Fund - Class D (NWFund)
Nationwide(R) Growth Fund - Class D (NWGroFd)
Nationwide(R) Money Market Fund (NWMyMkt)
Nationwide(R) S&P 500 Index Fund - Class Y (NWIndxFdY)
Nationwide(R) SAT - Small Company Fund (NSATSmCo)
(managed for a fee by an affiliated investment advisor)
37
<PAGE> 37
Funds of the Nationwide Investing Foundation III (NIFIII)
(managed for a fee by an affiliated investment advisor)
NIF III - Prestige Balanced Fund - Class Y (PrBalY)
NIF III - Prestige International Fund - Class Y (PrIntY)
NIF III - Prestige Large Cap Growth Fund - Class Y (PrLgCapGrY)
NIF III - Prestige Large Cap Value Fund - Class Y (PrLgCpValY)
NIF III - Prestige Small Cap Fund - Class Y (PrSmCapY)
Neuberger & Berman Equity Funds(R) - Guardian Fund (NBGuard)
Neuberger & Berman Equity Funds(R) - Manhattan Fund (NBManhFd)
Neuberger & Berman Equity Trust(R) - Partners Trust (NBPartTr)
Oppenheimer Global Fund - Class A (OppGlob)
Putnam Investors Fund - Class A (PutInvFd)
Putnam Voyager Fund - Class A (PutVoyFd)
SEI Index Funds - S&P 500 Index Portfolio (SEI500Ix)
Seligman Growth Fund, Inc. - Class A (SelGroFd)
Strong Common Stock Fund, Inc. (StComStk)
T. Rowe Price International Funds, Inc. - International Stock
Fund(R) (TRIntStk)
Templeton Foreign Fund - Class I (TemForFd)
Templeton Global Smaller Companies Fund, Inc. - Class I
(TemGlSmCo)
Warburg Pincus Emerging Growth Fund - Common Shares (WPEmGro)
The following funds are available for investment only by Plans
established under Internal Revenue Code (IRC) Section 403(b).
Portfolios of the American Century Variable Portfolios, Inc.
(American Century VP);
American Century VP - American Century VP Balanced (ACVPBal)
American Century VP - American Century VP Capital Appreciation
(ACVPCapAp)
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
Dreyfus Stock Index Fund (DryStkIx)
Portfolios of the Fidelity Variable Insurance Products Fund I & II
(Fidelity VIP);
Fidelity VIP - Asset Manager Portfolio (FidVIPAM)
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
Fidelity VIP - Growth Portfolio (FidVIPGr)
Fidelity VIP - High Income Portfolio (FidVIPHI)
Fidelity VIP - Overseas Portfolio (FidVIPOv)
Funds of the Nationwide Separate Account Trust (Nationwide SAT)
(managed for a fee by an affiliated investment advisor);
Nationwide(R) SAT - Capital Appreciation Fund (NSATCapAp)
Nationwide(R) SAT - Government Bond Fund (NSATGvtBd)
Nationwide(R) SAT - Money Market Fund (NSATMyMkt)
Nationwide(R) SAT - Total Return Fund (NSATTotRe)
Portfolios of the Neuberger & Berman Advisers Management Trust
(Neuberger & Berman AMT);
Neuberger & Berman AMT - Growth Portfolio (NBAMTGro)
Neuberger & Berman AMT - Limited Maturity Bond Portfolio
(NBAMTLMat)
Neuberger & Berman AMT - Partners Portfolio (NBAMTPart)
38
<PAGE> 38
All of the above funds were being utilized as of June 30, 1999, except
AIM Equity Funds, Inc. - AIM Weingarten Fund - Institutional Class
(AIMWein), Fidelity OTCPortfolio (FidOTC), Fidelity Puritan(R) Fund
(FidPurtn), Janus Twenty Fund (Jan20Fd), Nationwide SAT - Capital
Appreciation Fund (NSATCapAp), Strong Common Stock Fund, Inc.
(StComStk) and Templeton Global Smaller Companies Fund, Inc. - Class I
(TemGlSmCo).
The following funds were no longer available as of June 30, 1998:
American Century: Twentieth Century International Growth Fund
(ACTCIntlGr), The Institutional Shares of Federated GNMA Trust
(FedGNMA), Neuberger & Berman Guardian Trust (NBGuardTr) and Neuberger
& Berman Partners Fund (NBPartFd).
The contract owners' equity is affected by the investment results of
each fund, equity transactions by contract owners and certain expenses
(see note 2). The accompanying financial statements include only
contract owners' purchase payments pertaining to the variable portions
of their contracts and exclude any purchase payments for fixed dollar
benefits, the latter being included in the accounts of the Company.
(c) Security Valuation, Transactions and Related Investment Income
The market value of the underlying mutual funds is based on the closing
net asset value per share at June 30, 1999. The cost of investments
sold is determined on the specific identification basis. Investment
transactions are accounted for on the trade date (date the order to buy
or sell is executed) and dividend income is recorded on the ex-dividend
date.
(d) Federal Income Taxes
Operations of the Account form a part of, and are taxed with,
operations of the Company, which is taxed as a life insurance company
under the IRC. The assets in this account are held pursuant to
contracts with entities which are exempt from Federal income tax.
Because of this exemption, no taxes need be provided for investment
income or realized and unrealized capital gains. Annuity payouts and
withdrawal payments are taxable as wages when received by the
participants.
(e) Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles may require management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities, if
any, at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
(2) EXPENSES
Net purchase payments received for contracts issued before July 1, 1980,
represent contributions by the contract owners less a sales charge by the
Company of not more than 5%, to cover sales expenses. The Company does not
deduct a sales charge from purchase payments for contracts issued after
July 1, 1980. However, if any part of the contract value representing
participant accounts that have been established under the contracts and
held in the Account for less than sixteen (16) years is surrendered, the
Company will, with certain exceptions, assess a contingent deferred sales
charge. This charge will be equal to not more than 5% of the lesser of all
purchase payments received on behalf of the surrendering participant or
contract owner prior to the date of the request for surrender, or the
amount surrendered. Sales charges or contingent deferred sales charges of
less than 5% reflect actual variations in expense (usually reduced agents'
commissions). No sales charges are deducted on redemptions used to purchase
units in the fixed investment options of the Company. Sales charges may be
reduced or eliminated upon negotiated conversion of the contracts to other
investment programs offered by the Company or its affiliates.
The following contract charges are deducted by the Company on contracts
issued before July 1, 1980: (a) an annual contract maintenance charge of $8
assessed by surrendering units; (b) a charge for mortality and expense risk
assessed through the daily unit value calculation equal to an annual rate
of 0.95%; and (c) a charge on complete redemption, equal to the lesser of
$8 or 2% of the value of the account, except when such redemption occurs
within 31 days of the anniversary date of the contract.
For contracts issued beginning July 1, 1980 through April 30, 1991,
contract charges include: (a) an annual contract maintenance charge of $12
or $15, based upon administrative services provided, assessed by
surrendering units; and (b) a charge for mortality and expense risk
assessed through the daily unit value calculation equal to an annual rate
of 0.95%.
39
<PAGE> 39
For contracts issued on or after May 1, 1991, contract charges include a
mortality risk charge, an expense risk charge and an administration charge
assessed through the daily unit value calculation equal to an annual rate
of 0.35%, 0.15% and 0.45% respectively. Beginning November 1, 1996, the
administration charge was based upon the aggregate balance of assets held
under the contract by each contract owner as follows:
Expense Administration
Tier Assets (Millions) Charge
--------- -------------- ------------
I Up to $10 .45%
II Over $10 to $25 .40%
III Over $25 to $50 .30%
IV Over $50 to $150 .20%
V Over $150 .15%
The administration charge implemented on November 1, 1996 was based on the
June 30, 1996 asset balance. Thereafter, the administrative charge will be
determined using the December 31 asset balance and is effective at the next
expense tier on the following May 1.
For contracts issued beginning May 1, 1998 the Company will assess a charge
for a Variable Account Fee. Under the terms of the contracts, the Company
assumes various risks and incurs administrative expenses associated with
the issuance of the contracts. For the Company's contractual promise to
accept these risks and expenses, the contracts provide for the deduction of
a Account Fee, which is calculated as a percentage of assets and deducted
on each valuation date from amounts held in the Account. On an annual
basis, the maximum Variable Account Fee is 0.95% of the average account
value.
As with all other charges, this fee is subject to negotiation and may vary
from one contract to another reflecting the unique characteristics of
different contracts when considered as a whole. In negotiating the amount
of the fee, the Company may consider factors which may reduce expenses
incurred by the Company. These factors might include, but are not limited
to: (1) the size of the contract; (2) the number of eligible employees; (3)
the number of contract participants; (4) demographics of contract
participants; (5) general economic conditions; (6) the varying costs
associated with the inclusion of underlying mutual fund options; (7) the
type of contract issued (for example, whether the contract is issued as an
allocated contract or unallocated contract); (8) costs associated with
distribution of the contract; (9) any recovery of any credits on initial
transfers; and (10) any other factors which the Company deems relevant (see
summary of variable account fees at Note 5).
Contract owners may negotiate an exchange privilege with the Company. The
exchange privilege provides for transfers of units among the various
investment options for each participant's account. The number of transfers
allowed, and any administrative charges associated therewith, are subject
to negotiation between the contract owner and the Company.
(3) RELATED PARTY TRANSACTIONS
The Company performs various services on behalf of the Mutual Fund
Companies in which the Account invests and may receive fees for the
services performed. These services include, among other things, shareholder
communications, preparation, postage, fund transfer agency and various
other record keeping and customer service functions. These fees are paid to
an affiliate of the Company.
40
<PAGE> 40
(4) COMPONENTS OF CONTRACT OWNERS' EQUITY
The following is a summary of contract owners' equity at June 30, 1999.
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
AIM Equity Funds, Inc. -
AIM Constellation Fund -
Institutional Class ................. 0.40% 2,960,867 $ 2.974522 $ 8,807,164 9%
American Century:
Income & Growth Fund ................ 0.80% 2,617,409 1.199221 3,138,852 9%
0.70% 600,184 1.199973 720,205 9%
0.55% 541,989 1.201101 650,984 9%
0.40% 507,453 1.202230 610,075 9%
0.35% 82,926 1.202606 99,727 10%
0.30% 14,545 1.202983 17,497 10%
0.25% 133,299 1.203360 160,407 10%
0.20% 16,518 1.203736 19,883 10%
0.15% 966 1.204113 1,163 10%
American Century:
Twentieth Century Growth Fund ....... 0.95% 9,839,968 8.728775 85,890,867 10%
0.90% 3,616,526 8.740379 31,609,808 10%
0.80% 3,095,998 8.763633 27,132,190 10%
0.65% 1,145,355 8.803166 10,082,750 10%
0.60% 216,960 8.782690 1,905,492 10%
0.50% 735,175 8.755025 6,436,476 11%
0.40% 7,503,851 8.760869 65,740,256 11%
0.35% 173,704 8.797354 1,528,136 11%
0.30% 269,432 8.797523 2,370,334 11%
American Century: Twentieth Century
International Discovery Fund ........ 0.80% 674,116 1.297779 874,854 20%
0.70% 383,691 1.298592 498,258 20%
0.55% 138,236 1.299812 179,681 20%
0.40% 117,369 1.301033 152,701 20%
0.35% 59,516 1.301441 77,457 20%
0.30% 747 1.301848 972 20%
0.25% 51,065 1.302256 66,500 20%
0.20% 4,680 1.302663 6,096 20%
0.15% 152,661 1.303071 198,928 20%
American Century:
Twentieth Century Select Fund ....... 0.95% 62,356 3.061703 190,916 11%
0.65% 1,313,995 3.067837 4,031,122 11%
American Century:
Twentieth Century Ultra Fund ........ 0.95% 72,248,208 3.765753 272,068,906 12%
0.90% 23,449,736 3.770759 88,423,303 12%
0.80% 14,149,112 3.780790 53,494,821 12%
0.65% 12,065,227 3.797843 45,821,838 12%
0.60% 1,210,570 3.789010 4,586,862 12%
0.50% 2,773,977 3.777074 10,477,516 12%
0.40% 27,606,066 3.779594 104,339,721 12%
0.35% 1,293,098 3.795334 4,907,739 12%
0.30% 761,030 3.795409 2,888,420 12%
</TABLE>
41
(Continued)
<PAGE> 41
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
American Century VP -
American Century VP Balanced ........ 0.95% 12,124 1.794285 21,754 4%
American Century VP - American
Century VP Capital Appreciation ..... 0.95% 50,466 1.758284 88,734 16%
The Bond Fund of AmericaSM, Inc. ....... 0.95% 3,693,965 2.439648 9,011,974 0%
0.90% 1,062,344 2.442949 2,595,252 0%
0.80% 591,297 2.449559 1,448,417 0%
0.65% 283,878 2.460775 698,560 1%
0.60% 96,347 2.455026 236,534 1%
0.55% 62,004 2.452501 152,065 1%
0.50% 59,809 2.447235 146,367 1%
0.40% 1,399,332 2.448919 3,426,851 1%
0.35% 21,926 2.459253 53,922 1%
Davis New York Venture Fund, Inc. -
Class A ............................. 0.90% 142,987 2.921902 417,794 15%
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund
Institutional Class ................. 0.95% 59,671 3.335809 199,051 4%
0.90% 24,826 3.340245 82,925 4%
0.80% 1,621 3.349133 5,429 4%
0.65% 26 3.342500 87 4%
0.60% 6,112 3.356422 20,514 4%
0.35% 143 3.362031 481 5%
Dreyfus Appreciation Fund, Inc. ........ 0.80% 1,814,464 1.149847 2,086,356 6%
0.70% 461,443 1.150568 530,922 7%
0.55% 447,584 1.151650 515,460 7%
0.40% 199,760 1.152733 230,270 7%
0.35% 86,800 1.153094 100,089 7%
0.30% 10,824 1.153455 12,485 7%
0.25% 85,469 1.153816 98,615 7%
0.20% 1,605 1.154178 1,852 7%
0.15% 1,198 1.154540 1,383 7%
Dreyfus Cash Management -
Class A ............................. 0.90% 159,975 1.292702 206,800 2%
Dreyfus Premier Midcap Stock -
Class A ............................. 0.80% 117,904 1.168193 137,735 3%
0.70% 21,140 1.168925 24,711 3%
0.55% 47,182 1.170024 55,204 3%
0.40% 18,760 1.171124 21,970 3%
0.35% 9,248 1.171490 10,834 3%
0.30% 2,283 1.171857 2,675 3%
0.25% 21,097 1.172224 24,730 3%
0.20% 419 1.172592 491 3%
0.15% 600 1.172959 704 3%
</TABLE>
42
<PAGE> 42
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
Dreyfus S&P 500 Index Fund ............. 0.95% 29,325,474 1.721808 50,492,836 11%
0.90% 8,344,761 1.723670 14,383,614 11%
0.80% 4,651,749 1.727399 8,035,427 12%
0.65% 6,624,736 1.725258 11,429,379 12%
0.60% 1,456,438 1.731156 2,521,321 12%
0.55% 204,297 1.730235 353,482 12%
0.50% 2,076,022 1.726986 3,585,261 12%
0.35% 615,259 1.734046 1,066,887 12%
The Dreyfus Socially Responsible
Growth Fund, Inc. ................... 0.95% 9,539 2.863055 27,311 12%
Dreyfus Stock Index Fund ............... 0.95% 62,056 2.995528 185,890 12%
The Dreyfus Third Century Fund, Inc. ... 0.95% 41,500 5.064645 210,183 11%
0.90% 27,906 5.071377 141,522 11%
0.80% 5,584,700 5.084869 28,397,468 11%
0.70% 1,721,783 5.098397 8,778,333 11%
0.55% 915,241 5.078178 4,647,757 11%
0.40% 941,824 5.083262 4,787,538 12%
0.35% 279,494 5.109781 1,428,153 12%
0.30% 140,188 5.104532 715,594 12%
0.25% 185,527 5.088352 944,027 12%
0.20% 33,035 5.114896 168,971 12%
0.15% 2,984,123 5.091747 15,194,399 12%
Evergreen Income and Growth Fund -
Class Y ............................. 0.95% 615,009 2.708417 1,665,701 14%
0.90% 218,761 2.712019 593,284 14%
0.80% 136,358 2.719237 370,790 14%
0.65% 18,540 2.731508 50,642 14%
0.60% 2,999 2.725155 8,173 14%
0.55% 57,353 2.722356 156,135 14%
0.50% 8,782 2.716565 23,857 14%
0.40% 380,562 2.718379 1,034,512 14%
0.35% 13,180 2.729706 35,978 14%
Federated Investment Series Fund, Inc. -
Federated Bond Fund - Class F ....... 0.80% 298,586 0.996056 297,408 (2)%
0.70% 19,226 0.996681 19,162 (2)%
0.55% 1,017,786 0.997620 1,015,364 (2)%
0.40% 12,404 0.998559 12,386 (2)%
0.20% 89 0.999813 89 (2)%
0.15% 31 1.000127 31 (2)%
Federated U.S. Government
Securities Fund: 2-5 Years -
Institutional Shares ................ 0.95% 3,361,286 1.281104 4,306,157 (1)%
0.90% 1,206,310 1.282827 1,547,487 (1)%
0.80% 575,856 1.286276 740,710 (1)%
0.65% 531,316 1.284005 682,212 (1)%
0.60% 81,024 1.289097 104,448 (1)%
0.55% 101,924 1.287755 131,253 (1)%
0.50% 91,237 1.285455 117,281 (1)%
0.35% 1,322 1.291521 1,707 (1)%
</TABLE>
(Continued)
43
<PAGE> 43
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
Fidelity Advisor Growth Opportunities
Fund - Class A ...................... 0.80% 1,148,759 1.157776 1,330,006 6%
0.70% 248,046 1.158501 287,362 6%
0.55% 114,327 1.159591 132,573 6%
0.40% 48,925 1.160681 56,786 6%
0.35% 13,796 1.161045 16,018 7%
0.25% 144 1.161773 167 7%
0.20% 1,734 1.162137 2,015 7%
0.15% 1,128 1.162501 1,311 7%
Fidelity Advisor High Yield Fund -
Class T ............................. 0.80% 168,134 1.135208 190,867 7%
0.70% 75,920 1.135970 86,243 7%
0.55% 10,742 1.137112 12,215 7%
0.40% 5,259 1.138253 5,986 7%
0.35% 16 1.138634 18 7%
0.30% 93 1.139014 106 7%
Fidelity Asset Manager(TM) ............. 0.95% 3,594,222 1.835628 6,597,655 5%
0.90% 913,638 1.838069 1,679,330 5%
0.80% 526,517 1.842961 970,350 5%
0.65% 657,437 1.839310 1,209,230 5%
0.60% 50,921 1.846972 94,050 5%
0.55% 31,823 1.845075 58,716 5%
0.50% 358,436 1.841153 659,936 5%
0.35% 73,484 1.850058 135,950 6%
Fidelity Capital & Income Fund ......... 0.95% 79,699 5.431983 432,924 12%
0.90% 31,243 5.439287 169,940 13%
0.80% 42,543 5.453913 232,026 13%
0.65% 14,093 5.478704 77,211 13%
0.50% 10,394 5.450430 56,652 13%
0.40% 59,395 5.454527 323,972 13%
0.35% 3,922 5.456575 21,401 13%
Fidelity Contrafund .................... 0.95% 68,506,760 3.632820 248,872,728 11%
0.90% 19,288,363 3.637650 70,164,314 11%
0.80% 11,812,069 3.647329 43,082,502 11%
0.65% 11,065,627 3.663784 40,542,067 11%
0.60% 1,031,211 3.655260 3,769,344 11%
0.55% 561,663 3.651504 2,050,915 11%
0.50% 2,249,400 3.643741 8,196,231 11%
0.40% 7,318,356 3.646173 26,683,992 11%
0.35% 658,418 3.661361 2,410,706 11%
Fidelity Equity-Income Fund ............ 0.95% 16,420,697 8.669016 142,351,285 13%
0.90% 6,139,832 8.680541 53,297,063 13%
0.80% 3,877,166 8.703639 33,745,453 13%
0.65% 2,446,986 8.742907 21,393,771 13%
0.60% 157,261 8.722579 1,371,721 13%
0.55% 95,708 8.713625 833,964 13%
0.50% 1,471,523 8.695097 12,795,035 13%
0.40% 7,090,313 8.700904 61,692,133 13%
0.35% 276,696 8.737148 2,417,534 13%
</TABLE>
44
<PAGE> 44
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
Fidelity Growth & Income Portfolio ..... 0.40% 7,365,105 3.498695 25,768,256 7%
Fidelity Magellan(R) Fund .............. 0.95% 50,545,854 3.595223 181,723,617 13%
0.90% 13,207,624 3.600001 47,547,460 13%
0.80% 7,455,503 3.609578 26,911,220 13%
0.65% 6,655,471 3.625859 24,131,799 13%
0.60% 729,599 3.617426 2,639,270 13%
0.55% 298,660 3.613711 1,079,271 13%
0.50% 2,495,212 3.606030 8,997,809 13%
0.40% 22,018,127 3.608436 79,451,002 14%
0.35% 531,731 3.623463 1,926,708 14%
Fidelity VIP - Asset Manager Portfolio . 0.95% 32,166 1.793926 57,703 5%
Fidelity VIP - Equity-Income Portfolio . 0.95% 102,501 2.322572 238,066 12%
Fidelity VIP - Growth Portfolio ........ 0.95% 95,639 2.987703 285,741 14%
Fidelity VIP - High Income Portfolio ... 0.95% 19,755 1.589202 31,395 7%
Fidelity VIP - Overseas Portfolio ...... 0.95% 94,687 1.533607 145,213 8%
The Growth Fund of America(R), Inc. .... 0.95% 2,644,271 5.232654 13,836,555 19%
0.90% 759,965 5.239609 3,981,919 19%
0.80% 453,945 5.253548 2,384,822 19%
0.65% 379,864 5.243134 1,991,678 19%
0.60% 177,642 5.264969 935,280 19%
0.55% 39,354 5.259560 206,985 19%
0.50% 157,956 5.248381 829,013 19%
0.35% 16,816 5.273754 88,683 19%
The Income Fund of America(R), Inc. .... 0.95% 4,281,669 2.942044 12,596,859 4%
0.90% 1,197,677 2.945956 3,528,304 4%
0.80% 757,448 2.953797 2,237,348 4%
0.65% 307,097 2.947945 905,305 4%
0.60% 196,321 2.960227 581,155 4%
0.55% 48,742 2.957188 144,139 4%
0.50% 257,575 2.950901 760,078 4%
0.35% 28,930 2.965174 85,782 4%
INVESCO Dynamics Fund, Inc. ............ 0.80% 1,243,383 1.462158 1,818,022 25%
0.70% 397,780 1.463073 581,981 25%
0.55% 283,114 1.464447 414,605 25%
0.40% 103,483 1.465822 151,688 25%
0.35% 62,941 1.466281 92,289 25%
0.30% 17,975 1.466740 26,365 25%
0.25% 45,201 1.467199 66,319 25%
0.20% 8,791 1.467658 12,902 25%
0.15% 4,881 1.468117 7,166 25%
INVESCO Industrial Income Fund, Inc .... 0.95% 7,497,043 2.633130 19,740,689 11%
0.90% 1,802,147 2.636631 4,751,597 11%
0.80% 994,455 2.643647 2,628,988 11%
0.65% 841,039 2.638409 2,219,005 11%
0.60% 94,059 2.649399 249,200 11%
0.55% 150,289 2.646679 397,767 11%
0.50% 179,365 2.641053 473,712 11%
0.35% 61,439 2.653825 163,048 11%
</TABLE>
(Continued)
45
<PAGE> 45
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
INVESCO Total Return Fund .............. 0.80% 605,710 1.086833 658,306 6%
0.70% 216,384 1.087514 235,321 6%
0.55% 37,909 1.088537 41,265 6%
0.40% 131,002 1.089561 142,735 6%
0.35% 143,365 1.089903 156,254 6%
0.30% 36,742 1.090244 40,058 6%
0.25% 29 1.090586 32 6%
0.20% 5,060 1.090928 5,520 6%
Janus Fund ............................. 0.95% 37,866,686 3.188135 120,724,107 19%
0.90% 11,301,096 3.192373 36,077,314 19%
0.80% 7,147,810 3.200864 22,879,168 19%
0.65% 6,335,704 3.194516 20,239,508 19%
0.60% 1,239,264 3.207821 3,975,337 19%
0.50% 2,645,740 3.197712 8,460,315 19%
0.35% 375,620 3.213171 1,206,931 19%
0.30% 816,533 3.213234 2,623,712 19%
Janus Worldwide Fund ................... 0.95% 997,131 1.393780 1,389,781 12%
MAS Funds - Fixed Income Portfolio ..... 0.95% 3,099,412 1.388677 4,304,082 (2)%
0.90% 459,642 1.390525 639,144 (2)%
0.80% 618,876 1.394228 862,854 (2)%
0.65% 538,265 1.391465 748,977 (2)%
0.60% 148,099 1.397264 206,933 (2)%
0.55% 26,301 1.395829 36,712 (2)%
0.50% 51,245 1.392861 71,377 (2)%
0.35% 5,572 1.399601 7,799 (1)%
Massachusetts Investors Growth Stock
Fund - Class A ...................... 0.95% 165,607 24.727266 4,095,008 12%
0.90% 32,487 24.760130 804,382 12%
0.80% 9,549 24.825988 237,063 12%
0.65% 2,191 24.937959 54,639 12%
0.55% 1,102 24.854423 27,390 12%
0.50% 234 24.801612 5,804 12%
0.40% 262,884 24.818164 6,524,298 12%
MFS(R) Growth Opportunities Fund -
Class A ............................. 0.95% 400,087 12.442378 4,978,034 8%
0.90% 287,315 12.458922 3,579,635 8%
0.80% 156,575 12.492076 1,955,947 8%
0.65% 89,285 12.548444 1,120,388 8%
0.55% 16,675 12.506387 208,544 8%
0.50% 4,704 12.479798 58,705 8%
0.40% 1,980,675 12.488129 24,734,925 8%
0.35% 5,637 12.540152 70,689 8%
MFS(R) High Income Fund - Class A ...... 0.95% 139,783 6.468778 904,225 5%
0.90% 19,516 6.477476 126,414 5%
0.80% 26,963 6.494894 175,122 5%
0.65% 2,074 6.524417 13,532 5%
0.55% 2,329 6.502363 15,144 5%
0.50% 1 6.490747 6 5%
0.40% 600,333 6.495625 3,899,538 5%
0.35% 574 6.521379 3,743 5%
</TABLE>
46
<PAGE> 46
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
Morgan Stanley Institutional Fund -
Equity Growth Portfolio - Class B ... 0.80% 277,995 1.271311 353,418 15%
0.70% 83,632 1.272107 106,389 15%
0.55% 21,433 1.273302 27,291 15%
0.40% 24,363 1.274499 31,051 15%
0.35% 7 1.274898 9 15%
0.30% 5,088 1.275297 6,489 15%
0.25% 31,147 1.275697 39,734 15%
0.20% 8 1.276096 10 15%
0.15% 40 1.276496 51 15%
NAAT - The Aggressive Portfolio ........ 0.70% 2,149,305 1.248176 2,682,711 8%
0.60% 317,553 1.251189 397,319 8%
0.45% 137,506 1.247848 171,587 8%
0.25% 58,907 1.249515 73,605 9%
0.20% 94,521 1.254534 118,580 9%
0.15% 13,286 1.254773 16,671 9%
0.10% 63,566 1.250767 79,506 9%
NAAT - The Conservative Portfolio ...... 0.70% 1,119,860 1.137440 1,273,774 2%
0.60% 86,193 1.140184 98,276 2%
0.45% 59,168 1.137144 67,283 3%
0.25% 86,368 1.138665 98,344 3%
0.20% 6,945 1.143236 7,940 3%
0.15% 2,168 1.143453 2,479 3%
NAAT - The Moderate Portfolio .......... 0.70% 1,759,075 1.214120 2,135,728 6%
0.60% 271,766 1.217049 330,753 6%
0.45% 113,437 1.213802 137,690 6%
0.25% 56,845 1.215424 69,091 6%
0.20% 47,874 1.220304 58,421 6%
0.15% 18,276 1.220536 22,307 6%
0.10% 193 1.216642 235 6%
NAAT - The Moderately Aggressive
Portfolio ........................... 0.70% 1,287,630 1.221979 1,573,457 7%
0.60% 314,118 1.224928 384,772 7%
0.45% 168,502 1.221659 205,852 7%
0.25% 34,401 1.223292 42,082 7%
0.20% 113,366 1.228204 139,237 7%
0.15% 34,743 1.228437 42,680 7%
0.10% 27,736 1.224517 33,963 7%
NAAT - The Moderately Conservative
Portfolio ........................... 0.70% 579,961 1.181056 684,966 4%
0.60% 106,886 1.183905 126,543 4%
0.45% 240,288 1.180748 283,720 4%
0.25% 30,505 1.182326 36,067 5%
0.20% 22,866 1.187073 27,144 5%
0.15% 7,264 1.187299 8,625 5%
Nationwide(R) Bond Fund - Class D ...... 0.95% 78,076 2.258520 176,336 (3)%
0.40% 41,952 2.267893 95,143 (3)%
</TABLE>
(Continued)
47
<PAGE> 47
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
Nationwide(R) Fund - Class D ........... 0.95% 263,101 28.557840 7,513,596 7%
0.90% 14,210 28.595802 406,346 7%
0.80% 3,222,719 28.671878 92,401,406 7%
0.70% 917,295 28.748156 26,370,540 7%
0.55% 568,683 28.634249 16,283,811 7%
0.40% 477,478 28.662955 13,685,930 7%
0.35% 92,477 28.812448 2,664,489 7%
0.30% 47,068 28.782884 1,354,753 7%
0.25% 109,832 28.691689 3,151,266 7%
0.20% 35,924 28.841332 1,036,096 7%
0.15% 1,273,710 28.710861 36,569,311 7%
Nationwide(R) Growth Fund - Class D .... 0.95% 894,752 5.174981 4,630,325 10%
0.90% 235,594 5.181861 1,220,815 10%
0.80% 235,321 5.195649 1,222,645 10%
0.65% 416,277 5.219090 2,172,587 10%
0.60% 1,403 5.206951 7,305 10%
0.55% 31,572 5.201603 164,225 10%
0.50% 29,110 5.190545 151,097 10%
0.40% 1,026,782 5.194010 5,333,116 10%
0.35% 19,440 5.215645 101,392 10%
Nationwide(R) Money Market Fund ........ 0.95% 246,171 3.180170 782,866 2%
0.80% 10,054,734 3.193009 32,104,856 2%
0.70% 3,792,749 3.201586 12,142,812 2%
0.55% 8,395,046 3.196680 26,836,276 2%
0.40% 2,202,563 3.193368 7,033,594 2%
0.35% 162,171 3.206029 519,925 2%
0.30% 266,848 3.202689 854,631 2%
0.25% 1,665,077 3.196965 5,323,193 2%
0.20% 232,011 3.209638 744,671 2%
0.15% 6,201,744 3.199361 19,841,618 2%
Nationwide(R) S&P 500 Index Fund -
Class Y ............................. 0.80% 3,144,994 1.217120 3,827,835 11%
0.70% 421,940 1.217883 513,874 11%
0.55% 282,792 1.219028 344,731 11%
0.40% 283,684 1.220173 346,144 12%
0.35% 37,228 1.220555 45,439 12%
0.30% 20,146 1.220938 24,597 12%
0.25% 52,898 1.221320 64,605 12%
0.20% 17,667 1.221703 21,584 12%
0.15% 5,569 1.222085 6,806 12%
Nationwide SAT -
Government Bond Fund ................ 0.95% 10,965 1.841074 20,187 (3)%
Nationwide SAT -
Money Market Fund ................... 0.95% 83,139 1.394149 115,908 2%
</TABLE>
48
<PAGE> 48
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
Nationwide SAT - Small Company Fund .... 0.80% 1,671,435 1.096044 1,831,966 7%
0.70% 851,591 1.097624 934,727 7%
0.55% 468,397 1.080787 506,237 7%
0.40% 245,114 1.081870 265,181 7%
0.35% 20,527 1.100265 22,585 7%
0.30% 4,948 1.101630 5,451 7%
0.25% 77,774 1.082954 84,226 7%
0.20% 21,213 1.101367 23,363 8%
Nationwide SAT - Total Return Fund ..... 0.95% 42,431 3.891407 165,116 10%
Neuberger & Berman AMT -
Growth Portfolio .................... 0.95% 15,232 2.692373 41,010 3%
Neuberger & Berman AMT -
Limited Maturity Bond Portfolio ..... 0.95% 10,011 1.233851 12,352 0%
Neuberger & Berman AMT -
Partners Portfolio .................. 0.95% 28,189 2.536362 71,498 13%
Neuberger & Berman Equity Funds -
Guardian Fund ....................... 0.40% 816,509 1.859854 1,518,588 15%
Neuberger & Berman Equity Funds -
Manhattan Fund ...................... 0.95% 71,699 3.726016 267,152 3%
Neuberger & Berman Equity Trust -
Partners Trust ...................... 0.80% 76,084 1.173242 89,265 13%
0.70% 69,086 1.173977 81,105 13%
0.55% 19,196 1.175081 22,557 13%
0.40% 243 1.176186 286 13%
0.25% 4,919 1.177292 5,791 13%
0.20% 7 1.177660 8 13%
NIF III - Prestige Balanced Fund -
Class Y ............................. 0.70% 191,425 1.123065 214,983 6%
0.60% 67,428 1.123769 75,773 6%
0.45% 51,057 1.124826 57,430 6%
0.20% 51 1.126590 57 6%
0.00% 34 1.128003 38 6%
NIF III - Prestige International Fund -
Class Y ............................. 0.70% 85,286 1.136820 96,955 4%
0.60% 6,814 1.137532 7,751 4%
0.45% 29,662 1.138602 33,773 4%
0.25% 6,510 1.140030 7,422 4%
0.15% 151 1.140744 172 4%
0.00% 27 1.141817 31 4%
NIF III - Prestige Large Cap Growth
Fund - Class Y ...................... 0.70% 376,927 1.279533 482,291 12%
0.60% 54,450 1.280334 69,714 12%
0.45% 205,770 1.281537 263,702 12%
0.25% 18,053 1.283142 23,165 13%
0.20% 20,983 1.283544 26,933 13%
0.10% 33,020 1.284348 42,409 13%
0.00% 1,625 1.285152 2,088 13%
</TABLE>
(Continued)
49
<PAGE> 49
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
NIF III - Prestige Large Cap Value Fund -
Class Y ............................. 0.70% 79,140 1.142937 90,452 9%
0.60% 10,206 1.143654 11,672 9%
0.45% 3,725 1.144729 4,264 9%
0.25% 16,354 1.146165 18,744 9%
0.20% 28 1.146524 32 9%
0.15% 124 1.146883 142 9%
0.10% 47,682 1.147242 54,703 9%
0.00% 28 1.147962 32 9%
NIF III - Prestige Small Cap Fund -
Class Y ............................. 0.70% 285,215 1.151053 328,298 6%
0.60% 41,945 1.151775 48,311 6%
0.45% 61,598 1.152858 71,014 6%
0.25% 1,530 1.154304 1,766 6%
0.20% 79 1.154666 91 6%
0.10% 10,647 1.155390 12,301 6%
0.00% 27 1.156115 31 6%
Oppenheimer Global Fund - Class A ...... 0.80% 760,613 1.256002 955,331 14%
0.70% 150,588 1.256789 189,257 14%
0.55% 49,985 1.257970 62,880 14%
0.40% 89,787 1.259153 113,056 14%
0.35% 21,310 1.259547 26,841 14%
0.30% 5,366 1.259941 6,761 14%
0.25% 44,921 1.260336 56,616 14%
0.20% 237 1.260730 299 14%
Putnam Investors Fund - Class A ........ 0.95% 542,557 26.548840 14,404,259 9%
0.90% 111,903 26.584131 2,974,844 9%
0.80% 63,252 26.654855 1,685,973 9%
0.65% 18,824 26.775085 504,014 9%
0.60% 4,084 26.712818 109,095 9%
0.55% 10,643 26.685382 284,013 9%
0.50% 4,504 26.628675 119,936 9%
0.40% 2,504,074 26.646449 66,724,680 9%
0.35% 1,241 26.757415 33,206 10%
Putnam Voyager Fund - Class A .......... 0.95% 25,875,001 5.358891 138,661,310 14%
0.90% 6,419,835 5.366017 34,448,944 14%
0.80% 4,412,798 5.380296 23,742,159 14%
0.65% 3,807,513 5.404574 20,577,986 14%
0.60% 444,672 5.391996 2,397,670 14%
0.50% 1,187,652 5.375000 6,383,630 14%
0.40% 2,800,415 5.378586 15,062,273 14%
0.35% 249,131 5.400994 1,345,555 14%
0.30% 224,467 5.401099 1,212,368 14%
SEI Index Funds -
S&P 500 Index Portfolio ............. 0.95% 297,744 5.546453 1,651,423 12%
0.90% 60,113 5.553824 333,857 12%
0.40% 10,179,061 5.566846 56,665,265 12%
</TABLE>
50
<PAGE> 50
<TABLE>
<CAPTION>
ASSET PERIOD
CHARGE UNITS UNIT VALUE AMOUNT RETURN*
------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
Seligman Growth Fund, Inc - Class A. ... 0.95% 86,242 18.367764 1,584,073 9%
0.90% 3,331 18.392181 61,264 9%
0.80% 16,237 18.441113 299,428 9%
0.65% 1,257 18.524306 23,285 9%
0.55% 713 18.462238 13,164 10%
0.50% 687 18.423008 12,657 10%
0.40% 107,078 18.435306 1,974,016 10%
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ......... 0.95% 7,376,341 2.199454 16,223,923 4%
0.90% 1,925,419 2.202379 4,240,502 4%
0.80% 1,381,863 2.208242 3,051,488 4%
0.65% 1,297,155 2.218209 2,877,361 4%
0.60% 137,867 2.213048 305,106 4%
0.55% 89,180 2.210774 197,157 4%
0.50% 167,605 2.206072 369,749 4%
0.40% 4,950,410 2.207545 10,928,253 4%
0.35% 48,552 2.216744 107,627 4%
Templeton Foreign Fund - Class I ....... 0.80% 18,769,477 2.166375 40,661,726 22%
0.70% 4,549,453 2.172143 9,882,062 22%
0.55% 3,755,772 2.163521 8,125,692 22%
0.40% 2,385,339 2.165688 5,165,900 23%
0.35% 323,251 2.177000 703,717 23%
0.30% 227,641 2.174764 495,065 23%
0.25% 598,248 2.167858 1,296,917 23%
0.20% 82,529 2.179181 179,846 23%
0.15% 1,837,198 2.169305 3,985,443 23%
Warburg Pincus Emerging
Growth Fund ......................... 0.80% 139,983 1.112276 155,700 5%
0.70% 64,428 1.113019 71,710 5%
0.55% 126,919 1.114134 141,405 5%
0.40% 9,479 1.115250 10,571 5%
0.25% 50,302 1.116367 56,155 5%
0.20% 1,950 1.063543 2,074 6%
----------- ------------ --------------
Total Contract Owners' Equity ........ $3,435,107,336
==============
</TABLE>
* The period return does not include contract charges satisfied by
surrendering units.
51
<PAGE> 51
(5) VARIABLE ACCOUNT FEES
The following is a summary of the variable account fees for the period
January 1, 1999 to June 30, 1999.
<TABLE>
<CAPTION>
PERCENTAGE TOTAL AIMCON ACINCGRO ACTCGRO ACTCINTDIS
--------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ 6,085,919 -- -- 386,105 --
0.90% ............ 1,567,342 -- -- 127,881 --
0.80% ............ 1,915,643 -- 8,894 134,199 1,763
0.70% ............ 213,304 -- 1,438 -- 684
0.65% ............ 2,328,375 23,140 -- 212,378 --
0.60% ............ 72,364 -- -- 5,243 --
0.55% ............ 157,081 -- 1,506 -- 224
0.50% ............ 55,649 -- -- 5,217 --
0.45% ............ 2,429 -- -- -- --
0.40% ............ 171,535 1,766 840 13,113 159
0.35% ............ 32,479 -- 125 2,006 104
0.30% ............ 17,139 -- 20 3,294 --
0.25% ............ 4,983 -- 63 -- 23
0.20% ............ 1,941 -- 17 -- 3
0.15% ............ 5,851 -- -- -- 1
0.10% ............ 31 -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $12,632,065 24,906 12,903 889,436 2,961
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE ACTCSEL ACTCULTRA ACVPBAL ACVPCAPAP BDFDAM
--------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 724 1,226,797 84 371 45,491
0.90% ............ -- 339,785 -- -- 10,687
0.80% ............ -- 229,621 -- -- 7,853
0.70% ............ -- -- -- -- --
0.65% ............ 11,997 400,584 -- -- 11,814
0.60% ............ -- 12,613 -- -- 640
0.55% ............ -- -- -- -- 498
0.50% ............ -- 8,620 -- -- 265
0.45% ............ -- -- -- -- --
0.40% ............ -- 20,915 -- -- 701
0.35% ............ -- 6,342 -- -- 108
0.30% ............ -- 3,889 -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 12,721 2,249,166 84 371 78,057
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE DNYVENFD DEDECINC DRYAPP DRYCSMGT DRYPREMCAP
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ -- 990 -- -- --
0.90% ............ 1,654 356 -- 1,007 --
0.80% ............ -- 21 6,524 -- 278
0.70% ............ -- -- 1,133 -- 59
0.65% ............ -- -- -- -- --
0.60% ............ -- 60 -- -- --
0.55% ............ -- -- 1,253 -- 95
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- 304 -- 36
0.35% ............ -- -- 119 -- 19
0.30% ............ -- -- 12 -- 3
0.25% ............ -- -- 35 -- 10
0.20% ............ -- -- 1 -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 1,654 1,427 9,381 1,007 500
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE DRY500IX DRYSRGRO DRYSTKIX DRY3DCEN EVINCGRO
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 212,045 107 762 938 7,755
0.90% ............ 51,999 -- -- 633 2,519
0.80% ............ 39,643 -- -- 106,794 1,486
0.70% ............ -- -- -- 26,989 --
0.65% ............ 30,304 -- -- 40,365 2,947
0.60% ............ 6,661 -- -- -- 21
0.55% ............ 754 -- -- 15,222 448
0.50% ............ 2,804 -- -- -- 20
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- 7,325 215
0.35% ............ 1,308 -- -- 2,447 46
0.30% ............ -- -- -- 989 --
0.25% ............ -- -- -- 390 --
0.20% ............ -- -- -- 121 --
0.15% ............ -- -- -- 1,144 --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 345,518 107 762 203,357 15,457
=========== =========== =========== =========== ===========
</TABLE>
52
<PAGE> 52
<TABLE>
<CAPTION>
PERCENTAGE FEDBDFD FEDUSGVT FAGROPPA FAHIYLD FIDASMGR
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ -- 21,887 -- -- 29,666
0.90% ............ -- 5,809 -- -- 6,004
0.80% ............ 984 2,937 3,258 623 3,889
0.70% ............ 309 -- 546 202 --
0.65% ............ -- 1,687 -- -- 4,289
0.60% ............ -- 329 -- -- 279
0.55% ............ 1,624 407 343 14 151
0.50% ............ -- 98 -- -- 512
0.45% ............ -- -- -- -- --
0.40% ............ 7 -- 44 2 --
0.35% ............ -- 3 13 -- 176
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- 2 -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 2,924 33,157 4,206 841 44,966
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE FIDCAPINC FIDCONTR FIDEQINC FIDGRINC FIDMGIN
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 2,107 1,119,161 646,037 16 803,703
0.90% ............ 649 261,973 213,096 -- 188,770
0.80% ............ 1,002 197,281 142,021 -- 113,877
0.70% ............ -- -- -- -- --
0.65% ............ 1,173 181,200 244,579 67,748 274,021
0.60% ............ -- 10,266 3,874 -- 7,086
0.55% ............ -- 5,237 2,135 -- 2,788
0.50% ............ 35 6,594 10,426 -- 7,179
0.45% ............ -- -- -- -- --
0.40% ............ 67 5,430 12,604 5,196 15,939
0.35% ............ 29 3,114 3,148 -- 2,460
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 5,062 1,790,256 1,277,920 72,960 1,415,823
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE FIDVIPAM FIDVIPEI FIDVIPGR FIDVIPHI FIDVIPOV
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ 251 1,070 1,178 197 656
0.90% ............ -- -- -- -- --
0.80% ............ -- -- -- -- --
0.70% ............ -- -- -- -- --
0.65% ............ -- -- -- -- --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 251 1,070 1,178 197 656
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE GROFDAM INCFDAM INVDYNAM INVINDINC INVTOTRET
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 59,849 59,674 -- 89,222 --
0.90% ............ 15,044 14,395 -- 18,746 --
0.80% ............ 9,541 10,016 2,967 11,574 1,745
0.70% ............ -- -- 769 -- 508
0.65% ............ 5,885 3,467 -- 5,544 --
0.60% ............ 2,432 1,383 -- 650 --
0.55% ............ 430 377 530 1,023 145
0.50% ............ 628 633 -- 381 --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- 110 -- 150
0.35% ............ 109 123 72 213 112
0.30% ............ -- -- 14 -- 9
0.25% ............ -- -- 21 -- --
0.20% ............ -- -- 2 -- 3
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 93,918 90,068 4,485 127,353 2,672
=========== =========== =========== =========== ===========
</TABLE>
(Continued)
53
<PAGE> 53
<TABLE>
<CAPTION>
PERCENTAGE JANFUND JANWRLDWDE MASFIP MFSGRSTK MFSGROPP
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ 473,258 5,849 21,447 18,054 22,942
0.90% ............ 113,903 -- 2,300 3,291 14,974
0.80% ............ 109,435 -- 2,744 864 7,975
0.70% ............ -- -- -- -- --
0.65% ............ 52,202 -- 1,639 17,608 72,307
0.60% ............ 8,463 -- 590 -- --
0.55% ............ -- -- 90 70 535
0.50% ............ 6,474 -- 60 5 47
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- 1,316 5,004
0.35% ............ 1,372 -- 10 -- 92
0.30% ............ 3,217 -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 768,324 5,849 28,880 41,208 123,876
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE MFSHIINC MSIEQGROB NAATAGGR NAATCONS NAATMOD
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 4,257 -- -- -- --
0.90% ............ 544 -- -- -- --
0.80% ............ 716 1,040 -- -- --
0.70% ............ -- 224 8,503 3,054 6,565
0.65% ............ 11,507 -- -- -- --
0.60% ............ -- -- 1,092 268 782
0.55% ............ 41 73 -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- 415 174 325
0.40% ............ 811 42 -- -- --
0.35% ............ 6 -- -- -- --
0.30% ............ -- 8 -- -- --
0.25% ............ -- 15 92 130 38
0.20% ............ -- -- 70 15 28
0.15% ............ -- -- 10 1 12
0.10% ............ -- -- 13 -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 17,882 1,402 10,195 3,642 7,750
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE NAATMODAGG NAATMODCON NWBDFD NWFUND NWGROFD
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ -- -- 823 32,918 21,316
0.90% ............ -- -- -- 1,773 5,289
0.80% ............ -- -- -- 342,332 5,658
0.70% ............ 4,353 2,216 -- 78,951 --
0.65% ............ -- -- 288 102,883 20,757
0.60% ............ 1,083 250 -- -- 23
0.55% ............ -- -- -- 53,764 428
0.50% ............ -- -- -- -- 123
0.45% ............ 409 605 -- -- --
0.40% ............ -- -- 20 22,908 1,080
0.35% ............ -- -- -- 4,801 137
0.30% ............ -- -- -- 1,972 --
0.25% ............ 53 29 -- 1,285 --
0.20% ............ 139 19 -- 779 --
0.15% ............ 24 5 -- 2,749 --
0.10% ............ 5 -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 6,066 3,124 1,131 647,115 54,811
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE NWMYMKT NWINDXFDY NSATGVTBD NSATMYMKT NSATSMCO
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 3,677 -- 93 412 --
0.90% ............ -- -- -- -- --
0.80% ............ 118,764 9,477 -- -- 6,492
0.70% ............ 38,761 1,130 -- -- 3,067
0.65% ............ 54,489 -- -- -- --
0.60% ............ -- -- -- -- --
0.55% ............ 40,189 638 -- -- 1,197
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ 15,853 383 -- -- 520
0.35% ............ 759 43 -- -- 29
0.30% ............ 1,339 10 -- -- 18
0.25% ............ 2,105 24 -- -- 30
0.20% ............ 576 7 -- -- 16
0.15% ............ 1,629 -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 278,141 11,712 93 412 11,369
=========== =========== =========== =========== ===========
</TABLE>
54
<PAGE> 54
<TABLE>
<CAPTION>
PERCENTAGE NSATTOTRE NBAMTGRO NBAMTLMAT NBAMTPART NBGUARD
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ 728 172 55 308 --
0.90% ............ -- -- -- -- --
0.80% ............ -- -- -- -- --
0.70% ............ -- -- -- -- --
0.65% ............ -- -- -- -- 4,080
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- 312
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 728 172 55 308 4,392
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE NBMANHFD NBPARTTR PRBALY PRINTY PRLGCAPGRY
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 1,171 -- -- -- --
0.90% ............ -- -- -- -- --
0.80% ............ -- 233 -- -- --
0.70% ............ -- 121 534 231 975
0.65% ............ -- -- -- -- --
0.60% ............ -- -- 88 38 113
0.55% ............ -- 18 -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- 103 38 253
0.40% ............ -- 4 -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- 2 -- 4 30
0.20% ............ -- -- -- -- 5
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- 6
----------- ----------- ----------- ----------- -----------
Total variable account fees 1,171 378 725 311 1,382
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE PRLGCPVALY PRSMCAPY OPPGLOB PUTINVFD PUTVOYFD
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ -- -- -- 66,284 606,185
0.90% ............ -- -- -- 11,550 134,362
0.80% ............ -- -- 2,294 6,958 98,133
0.70% ............ 160 750 371 -- --
0.65% ............ -- -- -- 178,820 99,583
0.60% ............ 28 135 -- 308 6,706
0.55% ............ -- -- 195 731 --
0.50% ............ -- -- -- 97 5,113
0.45% ............ 11 96 -- -- --
0.40% ............ -- -- 145 13,339 3,024
0.35% ............ -- -- 25 44 1,712
0.30% ............ -- -- 7 -- 1,692
0.25% ............ 8 14 21 -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ 5 2 -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 212 997 3,058 278,131 956,510
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE SEI500IX SELGROFD TRINTSTK TEMFORFD WPEMGRO
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 6,820 7,115 75,192 -- --
0.90% ............ 1,644 249 16,456 -- --
0.80% ............ -- 1,126 14,026 148,281 304
0.70% ............ -- -- -- 30,554 147
0.65% ............ 138,445 5,428 37,161 8,056 --
0.60% ............ -- -- 860 -- --
0.55% ............ -- 70 516 23,194 128
0.50% ............ -- 10 308 -- --
0.45% ............ -- -- -- -- --
0.40% ............ 11,314 398 2,242 7,831 66
0.35% ............ -- -- 146 1,107 --
0.30% ............ -- -- -- 646 --
0.25% ............ -- -- -- 539 22
0.20% ............ -- -- -- 137 1
0.15% ............ -- -- -- 276 --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 158,223 14,396 146,907 220,621 668
=========== =========== =========== =========== ===========
</TABLE>
(Continued)
55
<PAGE> 55
(5) VARIABLE ACCOUNT FEES
The following is a summary of the variable account fees for the period May
1, 1998 to June 30, 1998.
<TABLE>
<CAPTION>
PERCENTAGE TOTAL AIMCON ACINCGRO ACTCGRO ACTCINTDIS
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ 1,839,501 -- -- 102,794 --
0.90% ............ 385,673 -- -- 27,076 --
0.80% ............ 424,086 -- -- 31,040 --
0.70% ............ 204,027 -- -- 10,177 --
0.65% ............ 495,622 7,603 -- 48,354 --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 3,348,909 7,603 -- 219,441 --
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE ACTCSEL ACTCULTRA ACVPBAL ACVPCAPAP BDFDAM
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 158 316,424 15 127 13,457
0.90% ............ -- 66,395 -- -- 2,371
0.80% ............ -- 69,576 -- -- 2,833
0.70% ............ 3,049 36,062 -- -- 457
0.65% ............ -- 70,802 -- -- 2,660
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 3,207 559,259 15 127 21,778
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE DNYVENFD DEDECINC DRYAPP DRYCSMGT DRYPREMCAP
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ -- 334 -- -- --
0.90% ............ 703 118 -- 366 --
0.80% ............ -- 29 -- -- --
0.70% ............ -- -- -- -- --
0.65% ............ -- -- -- -- --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 703 481 -- 366 --
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE DRY500IX DRYSRGRO DRYSTKIX DRY3DCEN EVINCGRO
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 37,167 20 130 33,779 3,381
0.90% ............ 7,830 -- -- 6,873 1,016
0.80% ............ 13,681 -- -- 7,451 753
0.70% ............ 6,221 -- -- 3,501 85
0.65% ............ -- -- -- 11,715 1,145
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 64,899 20 130 63,319 6,380
=========== =========== =========== =========== ===========
</TABLE>
56
<PAGE> 56
<TABLE>
<CAPTION>
PERCENTAGE FEDBDFD FEDUSGVT FAGROPPA FAHIYLD FIDASMGR
- --------------------------- --------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ -- 3,344 -- -- 7,898
0.90% ............ -- 825 -- -- 1,568
0.80% ............ -- 838 -- -- 1,267
0.70% ............ -- 237 -- -- 1,387
0.65% ............ -- -- -- -- --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
--------------- ----------- ----------- ----------- -----------
Total variable account fees $ -- 5,244 -- -- 12,120
=============== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE FIDCAPINC FIDCONTR FIDEQINC FIDGRINC FIDMGIN
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 749 291,842 223,371 -- 214,886
0.90% ............ 207 51,933 62,327 -- 39,869
0.80% ............ 463 57,065 58,729 -- 34,978
0.70% ............ 152 29,861 32,817 -- 19,881
0.65% ............ 373 16,450 68,144 18,888 55,397
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 1,944 447,151 445,388 18,888 365,011
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE FIDVIPAM FIDVIPEI FIDVIPGR FIDVIPHI FIDVIPOV
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ 67 311 257 82 287
0.90% ............ -- -- -- -- --
0.80% ............ -- -- -- -- --
0.70% ............ -- -- -- -- --
0.65% ............ -- -- -- -- --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 67 311 257 82 287
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE GROFDAM INCFDAM INVDYNAM INVINDINC INVTOTRET
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 15,743 20,915 -- 28,365 --
0.90% ............ 2,737 3,604 -- 5,323 --
0.80% ............ 3,420 4,348 -- 4,643 --
0.70% ............ 1,608 1,325 -- 1,589 --
0.65% ............ -- -- -- -- --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 23,508 30,192 -- 39,920 --
=========== =========== =========== =========== ===========
</TABLE>
(Continued)
57
<PAGE> 57
<TABLE>
<CAPTION>
PERCENTAGE JANFUND JANWRLDWDE MASFIP MFSGRSTK MFSGROPP
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ 85,997 187 3,638 4,176 7,370
0.90% ............ 15,507 -- 285 871 4,556
0.80% ............ 17,573 -- 1,134 372 2,640
0.70% ............ 9,443 -- 403 10 1,205
0.65% ............ -- -- -- 5,529 24,204
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 128,520 187 5,460 10,958 39,975
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE MFSHIINC MSIEQGROB NAATAGGR NAATCONS NAATMOD
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 786 -- 2,391 193 364
0.90% ............ 150 -- 312 21 71
0.80% ............ 269 -- 167 198 98
0.70% ............ 16 -- 27 10 35
0.65% ............ 5,359 -- -- -- --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 6,580 -- 2,897 422 568
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE NAATMODAGG NAATMODCON NWBDFD NWFUND NWGROFD
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ 810 157 -- 94,201 7,078
0.90% ............ 134 1 -- 19,411 1,358
0.80% ............ 223 205 -- 24,366 1,950
0.70% ............ 46 3 -- 9,661 2,046
0.65% ............ -- -- 112 31,244 4,740
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 1,213 366 112 178,883 17,172
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE NWMYMKT NWINDXFDY NSATGVTBD NSATMYMKT NSATSMCO
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 34,494 -- 26 30 1,379
0.90% ............ 10,421 -- -- -- 584
0.80% ............ 26,022 -- -- -- 520
0.70% ............ 5,569 -- -- -- 168
0.65% ............ 13,930 -- -- -- --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 90,436 -- 26 30 2,651
=========== =========== =========== =========== ===========
</TABLE>
58
<PAGE> 58
<TABLE>
<CAPTION>
PERCENTAGE NSATTOTRE NBAMTGRO NBAMTLMAT NBAMTPART NBGUARD
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ 230 43 15 75 --
0.90% ............ -- -- -- -- --
0.80% ............ -- -- -- -- --
0.70% ............ -- -- -- -- --
0.65% ............ -- -- -- -- 1,896
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ 230 43 15 75 1,896
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE NBMANHFD NBPARTTR PRBALY PRINTY PRLGCAPGRY
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 219 -- -- -- --
0.90% ............ -- -- -- -- --
0.80% ............ -- -- -- -- --
0.70% ............ -- -- -- -- --
0.65% ............ -- -- -- -- --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 219 -- -- -- --
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE PRLGCPVALY PRSMCAPY OPPGLOB PUTINVFD PUTVOYFD
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ $ -- -- -- 16,804 160,827
0.90% ............ -- -- -- 3,257 28,469
0.80% ............ -- -- -- 2,342 32,755
0.70% ............ -- -- -- 304 18,992
0.65% ............ -- -- -- 48,818 10,345
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees $ -- -- -- 71,525 251,388
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE SEI500IX SELGROFD TRINTSTK TEMFORFD WPEMGRO
- --------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
0.95% ............ 1,069 2,075 22,506 76,458 --
0.90% ............ 391 100 4,695 13,938 --
0.80% ............ -- 316 5,046 16,776 --
0.70% ............ -- 32 2,094 5,554 --
0.65% ............ 32,070 1,775 11,029 3,040 --
0.60% ............ -- -- -- -- --
0.55% ............ -- -- -- -- --
0.50% ............ -- -- -- -- --
0.45% ............ -- -- -- -- --
0.40% ............ -- -- -- -- --
0.35% ............ -- -- -- -- --
0.30% ............ -- -- -- -- --
0.25% ............ -- -- -- -- --
0.20% ............ -- -- -- -- --
0.15% ............ -- -- -- -- --
0.10% ............ -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total variable account fees 33,530 4,298 45,370 115,766 --
=========== =========== =========== =========== ===========
</TABLE>
59
<PAGE> 59
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: ONE NATIONWIDE PLAZA - COLUMBUS, OHIO 43215-2220
--------------
Bulk Rate
U.S. Postage
PAID
Columbus, Ohio
Permit No. 521
--------------
Nationwide(R) is a registered federal service mark of Nationwide Mutual
Insurance Company
